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OPECs Market Power: An Empirical Dominant Firm Model for the Oil Market

Irarrazabal, Alfonso; Golombek, Rolf; Ma, Lin
Journal article, Peer reviewed
Published version
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URI
http://hdl.handle.net/11250/2481026
Date
2018
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Original version
Energy Economics, 2018, 70(February), 98-115   10.1016/j.eneco.2017.11.009
Abstract
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.
Description
This is an Open Access article
Publisher
Elsevier
Journal
Energy Economics

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