Testing the Hypothesis of Collusive Behavior Among OPEC Members

Antonio Spilimbergo

No 4016, Research Department Publications from Inter-American Development Bank, Research Department

Abstract: This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating future prices and demand. This theoretical framework is used to test the hypothesis of collusive OPEC behavior between 1983 and 1991.

Date: 1995-11
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Journal Article: Testing the hypothesis of collusive behavior among OPEC members (2001)
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