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Future World Oil Prices and Production Levels: An Economic Analysis

Robert A. Marshalla and Dale M. Nesbitt

Year: 1986
Volume: Volume 7
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-1
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Abstract:
This paper is motivated by our beliefs that (1) economics does matter in world oil markets and (2) today's applied models either entirely neglect or (at best) only partially incorporate well-known economic fundamentals. We know of no applied model preceding ours that fully embodies the fundamental microeconomics of both depletable resources and industrial market structure (specifically dominant firm cartel theory) that characterize the world oil market.



Special Feature's an Oil Tariff Justified? An American Debate

Arlon R. Tussing, Samuel A. Van Vactor, Harry G. Broadman, William W. Hogan, Dale M. Nesbitt and Thomas Y. Choi

Year: 1988
Volume: Volume 9
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No3-1
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Abstract:
I. Reality Says No, Arlon R. Tussing and Samuel A. Van VactorII. The Numbers Say Yes, Harry G. Broadman and William W. HoganIII. The Numbers Say No, Dale M. Nesbitt and Thomas Y. ChoiMany oil industry spokesmen who pleaded for a free market in the era of regulation are now urging the opposite: federal protection from low-cost imported oil. It is ironic that some economists should find merit in these arguments, particularly now that the very idea of free trade is facing the most serious assault in decades.



Spatial Price and Quantity Relationships in World and Continental Commodity Markets

Dr. Dale M. Nesbitt and Dr. Jill N. Scotcher

Year: 2009
Volume: Volume 30
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol30-NoSI-3
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Abstract:
Modeling world or continental natural gas, oil, coal, or electricity requires a representation of the spatial nature of such commodity markets� multiple interconnected and/or independent source points, intermediate points, and consumption points. Spatial commodity models, properly constructed, expose the underlying economic fundamentals�prices, basis differentials, flowing quantities, and why prices and quantities embrace certain relationships but not others. This paper examines spatial market equilibrium from a methodological perspective and puts forth results that explain interrelationships of prices and quantities of commodity throughout a market of competing/complementary supply chains. The objective is to allay common �myths� by counterexample and at the same time posit some realities both methodologically and by example.





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