OPEC: What Difference Has It Made?
OPEC: What Difference Has It Made?
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欧佩克：这有什么不同？
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Lavan Mahadeva
中科院分区：
文献类型：
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作者：
B. Fattouh;Lavan Mahadeva
本文的主要目的是回顾欧佩克模型的演变，并将这种演变与石油市场的一些关键事件联系起来。我们的主要结论是，欧佩克的定价权随着时间的推移而变化。在许多情况下，欧佩克可能会失去限制油价向任何一个方向波动的权力。这种定价权的变化是由市场状况引起的，在疲软和紧张的市场状况下都可能发生。由于欧佩克的行为各不相同，没有一种模式适合欧佩克的行为。因此，分析师被迫从一系列模型中进行选择，以解释某些事件。实证文献未能成功区分各种竞争模型，因为这些模型提供了非常相似的预测。
The main purpose of this paper is to review the evolution of OPEC models and to link this evolution to some key events in the oil market. Our main conclusion is that OPEC’s pricing power varies over time. In many instances, OPEC can lose power to limit oil price movements in either direction. Such changes in pricing power are induced by market conditions and can occur in both weak and tight market conditions. Because of OPEC’s varying conduct, there is not a single model that fits OPEC behavior. Hence analysts have been forced to choose from a wide range of models to explain certain episodes. The empirical literature has not been successful in distinguishing between the various competing models, as these models offer very similar predictions.