cartelized oil market with alternative energy supply

نویسندگان
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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عنوان ژورنال:
iranian economic review

جلد ۱، شماره ۱، صفحات ۳۲-۴۳

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