چکیده:
The market quota theory is one of the most important theories presented regarding the behavior of the OPEC cartel. This theory, which was presented by Adelman (namledA) and later expanded by Griffin (niffirG) and tested in various states, has always been investigated and tested by researchers during different periods. The management of crude oil supply by the OPEC organization during the five-year period from 2000 to 2005, which was adjusted following the sharp drop in global crude oil prices in 1998 and 1999, is considered one of the successful periods of coordination among OPEC members. In this article, by addressing Griffin's original model, we tested the market quota theory using the simultaneous equations method during the aforementioned period, i.e., (1)2000 to (12)2005. The results of the investigations show: First, the market quota theory possessed sufficient power during this period. Second, for the five countries Iran, Indonesia, Algeria, Kuwait, and Venezuela, the null hypothesis is not rejected and, based on Griffin's definition, these countries followed a fixed market quota. Meanwhile, for the four countries Iraq, Qatar, United Arab Emirates, and Saudi Arabia, the null hypothesis was not rejected, and therefore these countries followed a relative market quota system. Additionally, the behavior of the two countries Nigeria and Libya does not reject the hypothesis, indicating their adherence to a partial market quota.
خلاصه ماشینی:
Keywords: Cartel, market quota, OPEC organization, global crude oil demand, OPEC supply, non-OPEC supply, simultaneous equations system Subject Classification: 41Q, 48Q Introduction Today, crude oil and the income resources resulting from its export play a vital role in the economic performance and developments of oil-rich and crude oil exporting countries, especially OPEC members.
In all the models presented by individuals such as Friedman and Griffin in this field, which include a range of cartel models, this organization has been presented as the main producer of the market alongside non-OPEC producers (as a marginal group); given OPEC's high production capacity, its production amount was considered equivalent to the remaining global oil demand, and based on this, the global crude oil price was adjusted (Hemmati, 1374:17).
(Refer to page image) 1-Griffin's Market Quota Model In 1985, Griffin presented a model based on which OPEC member countries adjust their production with the remaining global crude oil demand excluding the production of non-OPEC members, and they allocate this amount among the member countries.
In this article, this function is also used: (13)The crude oil supply function of OPEC member countries, based on Griffin's market quota theory, is as follows: (14)And finally, the market clearing condition is as follows: (15)Therefore, by dividing the OPEC member countries into two parts, the supply function of main members, namely, and the supply function of non-main members, the simultaneous equations system will be as follows: (16)(17)(18)(19)Now we show under what assumptions the simultaneous equations method and the use of two-stage ordinary least squares (SLS2) create consistent estimates.
(
, 
, 
)
