Most studies concerning OPEC＇s behavior assumptions about oil market structure are either very were based on traditional market microstructure. However, the rigorous or rather fuzzy. This paper demonstrates the ratio...Most studies concerning OPEC＇s behavior assumptions about oil market structure are either very were based on traditional market microstructure. However, the rigorous or rather fuzzy. This paper demonstrates the rationality and necessity of OPEC＇s price band policy by using the game theory. We conclude that OPEC has the incentive to limit its price within a specific range if the game period is sufficiently long. This incentive comes either from preference for long-term interest or from future expectations. In such a way, OPEC tries its best to maximize its profit with the quota-price dual policy and plays a price stabilizing role in the future world oil market.展开更多
This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries （OPEC） and analyzes the factors that facilitate or hinder OPEC＇s monopoly in the crude oil market. The ...This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries （OPEC） and analyzes the factors that facilitate or hinder OPEC＇s monopoly in the crude oil market. The industrial concentration ratio is chosen to measure OPEC＇s monopoly power based on the data from 1986 to 2004. It is concluded that OPEC possesses a long-standing cartel foundation and a rather strong monopoly in the world crude oil market. At the same time, there are unstable factors that influence and even weaken OPEC＇s monopoly.展开更多
OPEC(Organization of the Petroleum Exporting Countries,简称OPEC)长期以来被认为是一个国际卡特尔组织,其通过联合各产油国限产操纵国际油价来最大化自身的经济利益。然而近年来的一些研究质疑了这一传统观点。基于两个严格定义的概...OPEC(Organization of the Petroleum Exporting Countries,简称OPEC)长期以来被认为是一个国际卡特尔组织,其通过联合各产油国限产操纵国际油价来最大化自身的经济利益。然而近年来的一些研究质疑了这一传统观点。基于两个严格定义的概念:条件独立性和可交换性,检验了OPEC各国之间行为的相关性和对于同一外生冲击的反应。结果发现,OPEC的确可以被认为是一个成员国相互联系的卡特尔组织,但是是一个组织失败的卡特尔,因为没有足够的证据表明其可以有效促成并维持成员国之间的串通合谋行为。进一步的动态稳定性检验发现,OPEC的存在并不是导致历史上几次全球油荒和油价上升的原因。展开更多
Oil exporting countries have expressed strong interest in trade and exploration with China even as they voiced concern that rising prices could weaken demand from the fast-paced economy.
文摘Most studies concerning OPEC＇s behavior assumptions about oil market structure are either very were based on traditional market microstructure. However, the rigorous or rather fuzzy. This paper demonstrates the rationality and necessity of OPEC＇s price band policy by using the game theory. We conclude that OPEC has the incentive to limit its price within a specific range if the game period is sufficiently long. This incentive comes either from preference for long-term interest or from future expectations. In such a way, OPEC tries its best to maximize its profit with the quota-price dual policy and plays a price stabilizing role in the future world oil market.
文摘This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries （OPEC） and analyzes the factors that facilitate or hinder OPEC＇s monopoly in the crude oil market. The industrial concentration ratio is chosen to measure OPEC＇s monopoly power based on the data from 1986 to 2004. It is concluded that OPEC possesses a long-standing cartel foundation and a rather strong monopoly in the world crude oil market. At the same time, there are unstable factors that influence and even weaken OPEC＇s monopoly.
文摘OPEC(Organization of the Petroleum Exporting Countries,简称OPEC)长期以来被认为是一个国际卡特尔组织,其通过联合各产油国限产操纵国际油价来最大化自身的经济利益。然而近年来的一些研究质疑了这一传统观点。基于两个严格定义的概念:条件独立性和可交换性,检验了OPEC各国之间行为的相关性和对于同一外生冲击的反应。结果发现,OPEC的确可以被认为是一个成员国相互联系的卡特尔组织,但是是一个组织失败的卡特尔,因为没有足够的证据表明其可以有效促成并维持成员国之间的串通合谋行为。进一步的动态稳定性检验发现,OPEC的存在并不是导致历史上几次全球油荒和油价上升的原因。
文摘Oil exporting countries have expressed strong interest in trade and exploration with China even as they voiced concern that rising prices could weaken demand from the fast-paced economy.
