A theoretical analysis of OPEC behaviour

Hossein Razavi

Applied Energy, 1983, vol. 13, issue 1, 69-76

Abstract: This paper attempts to provide some theoretical insights into OPEC behaviour by: (1) comparing the OPEC's optimum pricing policy derived from a welfare maximisation model with that of the traditional profit maximisation model; and (2) introducing a coalition formation model which is utilised to analyse the compromised pricing policy of OPEC, while each of its members takes a different attitude regarding this matter.

Date: 1983
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