Co- integration Relation for Oil Production in Alternative Hypotheses about OPEC Behavior
زمستان 1385 - شماره 18 ISC (24 صفحه - از 27 تا 50)
کلید واژه های ماشینی : OPEC، ARDL، Model Competitive Model Target Revenue، Competitive Model Target Revenue Model، Market Sharing Model Competitive Model، Sharing Model Competitive Model Target، The Saudi Arabia Saudi Arabia، Saudi Arabia، Griffin OPEC Behavior World Oil، OLS
"The purpose of this paper is to investigate the three competitive, target revenue and market-sharing models by traditional OLS (used by Griffin, but we additionally examine cointegration between variables of the models) and, in addition, by ARDL approach (to investigate the long run relationship between variables of the models). We categorized ARDL approach Application to OPEC behavior hypothesis into long run relationship and ECM 1 as following: 1- Market Sharing Model: 1-1- Long run relationship: (10) 1-2- ECM: (11) 2- Competitive Model: 2-1- Long run relationship: (12) 2-2- ECM: (13) 3- Target Revenue Model: 3-1- Long run relationship: (14) 3-2- ECM: (15) Where is different between quantity of at and times. Table 1: OLS Estimation of three Hypotheses of OPEC Behavior Market Sharing Model Competitive Model Target Revenue Model country Ln qo() Ln P() R Ln P() R Ln I() Ln P() R Algeria 0. Totally, Libya following partial M-SM and has non-competitive behavior and estimation of TRM with two OLS and ARDL approaches isn’t co integrate. Table 2: ARDL Estimation of three Hypotheses of OPEC Behavior Market Sharing Model Competitive Model Target Revenue Model country Ln qo() Ln P () Ln P() Ln I() Ln P() Algeria 0. 18) Standard errors are shown in parentheses Table3 indicates calculated and critical value of t to examining of Significant long run relation of models and tables 4-6 indicate ECM of them - Bo Yang, 2004, "OPEC Behavior", the Pennsylvania state University, thesis in Doctor of Philosophy."
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