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Paper Information

Journal:   IRANIAN JOURNAL OF TRADE STUDIES (IJTS)   Summer 2004 , Volume 8 , Number 31; Page(s) 3 To 3.
 
Paper: 

AN INVESTIGATION OF OPEC & OECD BEHAVIOR IN A BILATERAL MONOPOLY GAME AND OIL TRADE BENEFITS SHARING

 
 
Author(s):  ABRISHAMI H., GOLESTAN SH.
 
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Abstract: 
In the present paper, the behavior of two organizations namely OPEC and OECD are analyzed as major and active players in the global oil market within the framework of a Finitely Repeated Bilateral Monopoly Game. This analysis shows that on the strength of Schelling point solution, in this game as a result of applying consistent and long term strategies by both players, OPEC is present as the weak bargainer compared to OECD members countries.
In this framework, OPEC oil strategy is influenced by economic, political and security considerations in which savers group have considerable role in decision making and decide oil strategy of this organization. On the other hand, OECD oil strategy takes form in accordance with three motivations of economic, safety (energy safety) and in some points environmental. The interaction between the interests of OPEC and OECD leads to the establishment of the equilibrium price in the oil market. This pricing system generates the greatest benefit for the OECD members countries through tariffs and taxes. Time series analysis and study of long term relations among the variables confirm the above theory.
 
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