 Multi-dimensional interactions in the oilfield market: A jackknife model averaging approach of spatial productivity analysisBinlei Gong () Energy Economics, 2020, vol. 86, issue C Abstract: This paper develops a methodology to assess the productivity in oilfield service companies, taking multi-dimensional interactions (e.g., regions, segments, products) into account. Firstly, various spatial models are utilized on 54 oilfield service firms to estimate the production function that separately accounts for cross-sectional dependence in business segment and geography, where the general spatial model (GSM) is found to be the most efficient. Secondly, two GSM models, one accounting for interactions in business segments and the other in geography, are combined in a Jackknife model averaging method to derive the aggregate production function of the oilfield market. Evidence of cross-sectional dependence and constant returns to scale are found, as well as positive spillover effects across firms. Moreover, the oilfield market had achieved high-speed growth in productivity since 2003, but experienced a significant crash in 2009 after the financial crisis and productivity has stagnated in recent years. Keywords: Multi-dimensional interactions; Spatial econometric model; Model averaging method; Global oilfield market (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:86:y:2020:i:c:s0140988317302992 DOI: 10.1016/j.eneco.2017.08.032 Access Statistics for this article Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant More articles in Energy Economics from Elsevier |
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