The Rise and Fall of Oil Prices: a Competitive View

Jacques Cremer and Djavad Salehi-Isfahani

Annals of Economics and Statistics, 1989, issue 15-16, 427-454

Abstract: This paper develops a competitive theory of the recent history of the oil market. We show that the supply curve for oil is backward bending, and that the presence of multiple equilibria explains better than cartel theories the behavior of the principal participants in this market. We study some implications of this theory for the short run and long run stability of the price.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1989:i:15-16:p:427-454

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