search query: @author Danielsen, A. L. / total: 3
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| Author: | Danielsen, A. L. Cartwright, P. A. |
| Title: | Inventory theory in cartelized markets. |
| Journal: | Energy Economics
1987 : JUL, VOL. 9:3, p. 167-175 |
| Index terms: | INVENTORY CONTROL CARTELS PRICE THEORY COMPETITION |
| Language: | eng |
| Abstract: | Conventional price and inventory theory is extended into the realm of cartellized markets. The motives for holding inventories are classified as speculative, precautionary and transactions, and each is analyzed theoretically and empirically for competitive and cartellized markets. The magnitudes of the speculative demands for crude oil and refined products are estimated using American data.The models and empirical techniques are applicable to any nation or region. It is found that trends in prices, production, consumption and inventory levels are likely to be remarkably different in competitive and cartellized markets. |
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