A Model of the Crude Oil Market in Which Market Conduct Varies

Paul Geroski, Alistair M Ulph and David T Ulph

Economic Journal, 1987, vol. 97, issue 388a, 77-86

Abstract: This paper describes a model which first identifies (in an estimatable manner) parameters which describe the conduct each decision maker in an oligopoly expects from it's rivals, and then allows them to vary in a systematic fashion across rivals and over time. The model is applied to ten producing countries in the crude oil market (1966I to 1981III ). A fully dynamic demand system is estimated, together with equations describing price choice and variations in conduct, and the null hypothesis of constant conduct is rejected against the more general alternative proposed here. Copyright 1987 by Royal Economic Society.

Date: 1987
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