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Cartelized Oil Market with Alternative Energy Supply | ||
Iranian Economic Review | ||
مقاله 2، دوره 1، شماره 1، مهر 1994، صفحه 32-43 اصل مقاله (368.43 K) | ||
شناسه دیجیتال (DOI): 10.22059/ier.1994.30919 | ||
چکیده | ||
This paper presents an oil price cartel model. The aggregate reaction functions for non-cartel producers and for substitute suppliers are included. The former group acts as a price-taker, while the latter expects oil prices in production of its non-oil energy resources. This expectation about prices affects a cartel’s oil demand and, thus, gives intertemporal price elasticities It turns out that if these elasticities are positive, Hotelling’s rule does not apply to a cartelized market in which a cartel behaves as a price-maker. | ||
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