World oil: the growing case for international policy.
Can the economic theory of depletion be reconciled with low petroleum prices? This article uses a revision of the theory, which reflects demand functions that rise in response to increasing world population and income. The magnitude of producers' and consumers' surplus is estimated under both compet...
| Publicado en: | Contemporary Economic Policy Vol. 18; no. 1; pp. 1 - 14 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
January 2000
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511146307&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511146307 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 10743529 CEY jtl: Contemporary Economic Policy issn: 10743529 maglogo: N pubinfo: dt: January 2000 vid: 18 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 511146307 10.1111/j.1465-7287.2000.tb00001.x ppf: 1 ppct: 13 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.3MB tig: atl: World oil: the growing case for international policy. aug: au: Chapman, Duane Khanna, Neha su: Economics Game theory Petroleum reserves Petroleum product sales & prices Present value Resource exploitation Consumers' surplus Production (Economic theory) Surplus (Economics) sug: subj: Economics Game theory Petroleum reserves Petroleum product sales & prices Present value Resource exploitation Consumers' surplus Production (Economic theory) Surplus (Economics) keyword: Petroleum supply -- International aspects ab: Can the economic theory of depletion be reconciled with low petroleum prices? This article uses a revision of the theory, which reflects demand functions that rise in response to increasing world population and income. The magnitude of producers' and consumers' surplus is estimated under both competitive and monopolistic assumptions; the result indicates a present value comparable to or in excess of today's gross world economic product. Game theory suggests a framework that explains the interaction between oil pricing and military policy, and the economic incentives that result in a general pattern of recent market equilibrium crude oil prices often fluctuating within a $15-20 per barrel range. The analysis concludes that the economic incentives for political instability in the Persian Gulf will increase, and more formal methods of setting the international framework for Persian Gulf oil may be expected. (JEL C61, Q32, Q41, Q43, Q48) Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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