OPEC and the monopoly price of world oil |
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| Authors: | Jacques Cremer Martin L Weitzman |
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| Institution: | Massachusetts Institute of Technology, Cambridge, MA 02139, U.S.A. |
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| Abstract: | The paper presents a dynamic model of the behavior of OPEC viewed as a monopolist sharing the oil market with a competitive sector. The main conclusion is that the recent increase in the price of oil was a once and for all phenomenon due to the formation of the cartel and that prices should remain approximately constant during the next twenty years. |
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