Publikasjon

OPEC’s market power: An Empirical Dominant Firm Model for the Oil Market

Forfattere: Golombek, Rolf, Alfonso A. Irarrazabal, Lin Ma
Publisert: 2018
We estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil prices for the 1986-2016 period. The estimated structural parameters have the expected signs and are significant. We find that OPEC exercised market power during the sample period. Counterfactual experiments indicate that world GDP is the main driver of long-run oil prices. However, supply (depletion) factors have become more important in recent years.
DOI: 10.1016/j.eneco.2017.11.009
Referanse: Golombek, Rolf, Alfonso A. Irarrazabal, Lin Ma, 2018, «OPEC’s market power: An Empirical Dominant Firm Model for the Oil Market», Energy Economics, 70, 98-115
JEL Codes: L13, L22, Q31
Keywords: Oil, dominant firm, market power, OPEC, Lerner index, oil demand elasticity, oil supply elasticity
Les fulltekstversjonen av artikkelen
Energi