Tag: Equilibrium

  • Efficiency of Trade Equilibria in the World Oil Market

    By: A. Khadr

    This paper formulates a trading game in a productive natural resource like oil. Though simple, the model developed here will highlight the role of binding long-term agreements and will show that in their absence equilibria are inefficient. Clifford and Crawford (1987) have recently emphasized this point in the context of trade in natural resources. A […]

  • Who Makes the Oil Price? An Analysis of Oil Price Movements 1978-82

    By: S. Roberts

    A study of o i l developments during ‘1978-82 may provide some important insights into the operation of the pricing mechanism for petroleum in international trade. First of all, this period enables us to study the behaviour of oil producers in both arising and a falling market. In 1979/80 excess demand pushed prices up more […]

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