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Paper Information

Journal:   IRANIAN ECONOMIC RESEARCH   SPRING 2010 , Volume 14 , Number 42; Page(s) 149 To 167.
 
Paper: 

A TEST FOR GROWTH STABILITY IN NON-RENEWABLE RESOURCES, THE CASE OF OPEC

 
 
Author(s):  EMAMI MEIBODI ALI, HAGHDOOST EHSAN, PAKDIN JAVAD
 
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Abstract: 

The increased growth of oil consumption, particularly in developing countries, has turned oil into a strategic commodity in the world. Therefore, identifying factors affecting supply and demand in oil market and the study of price changes are of a great importance. In this article, we have reconsidered the Hotelling model for optimal extraction of non-renewal recourses with regard to the resource effects and technological advances. The cost and demand functions for non-renewable resources are set up in a way to find a stable growth in a system of simultaneous equations of supply and demand. We have utilized data from OPEC in the period 1980- 2006 to test the model and the functions of supply and demand in a system of simultaneous equations using a 3SLS method. The estimation results indicate that the growth rate of the oil price has remained unchangned over rather a long period of time, which is consistent with the theoretical outcomes predicted by the model.

 
Keyword(s): HOTELLING, NON-RENEWABLE RESOURCES, OIL PRICES, TECHNOLOGICAL EFFECT
 
 
References: 
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Cite:
APA: Copy

EMAMI MEIBODI, A., & HAGHDOOST, E., & PAKDIN, J. (2010). A TEST FOR GROWTH STABILITY IN NON-RENEWABLE RESOURCES, THE CASE OF OPEC. IRANIAN ECONOMIC RESEARCH, 14(42), 149-167. https://www.sid.ir/en/journal/ViewPaper.aspx?id=193148



Vancouver: Copy

EMAMI MEIBODI ALI, HAGHDOOST EHSAN, PAKDIN JAVAD. A TEST FOR GROWTH STABILITY IN NON-RENEWABLE RESOURCES, THE CASE OF OPEC. IRANIAN ECONOMIC RESEARCH. 2010 [cited 2021April15];14(42):149-167. Available from: https://www.sid.ir/en/journal/ViewPaper.aspx?id=193148



IEEE: Copy

EMAMI MEIBODI, A., HAGHDOOST, E., PAKDIN, J., 2010. A TEST FOR GROWTH STABILITY IN NON-RENEWABLE RESOURCES, THE CASE OF OPEC. IRANIAN ECONOMIC RESEARCH, [online] 14(42), pp.149-167. Available at: <https://www.sid.ir/en/journal/ViewPaper.aspx?id=193148>.



 
 
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