Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/87885 
Year of Publication: 
1995
Series/Report no.: 
Working Paper No. 312
Publisher: 
Inter-American Development Bank, Office of the Chief Economist, Washington, DC
Abstract: 
This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating future prices and demand. This theoretical framework is used to test the hypothesis of collusive OPEC behavior between 1983 and 1991.
Document Type: 
Working Paper

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