A TEST FOR GROWTH STABILITY IN NON-RENEWABLE RESOURCES, THE CASE OF OPEC

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EMAMI MEIBODI ALI; HAGHDOOST EHSAN; PAKDIN JAVAD

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Journal: Iranian Journal of Economic Research Year:2010 | Volume:14 | Issue:42 Page(s): 149-167

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Information Journal Paper

Title

A TEST FOR GROWTH STABILITY IN NON-RENEWABLE RESOURCES, THE CASE OF OPEC

Author(s)

EMAMI MEIBODI ALI | HAGHDOOST EHSAN | PAKDIN JAVAD | Issue Writer Certificate

Keywords

HOTELLINGQ3

NON-RENEWABLE RESOURCESQ2

OIL PRICESQ3

TECHNOLOGICAL EFFECTQ3

Abstract

The increased growth of oil consumption, particularly in developing countries, has turned oil into a strategic commodity in the world. Therefore, identifying factors affecting supply and demand in oil market and the study of price changes are of a great importance. In this article, we have reconsidered the HOTELLING model for optimal extraction of non-renewal recourses with regard to the resource effects and technological advances. The cost and demand functions for NON-RENEWABLE RESOURCES are set up in a way to find a stable growth in a system of simultaneous equations of supply and demand. We have utilized data from OPEC in the period 1980- 2006 to test the model and the functions of supply and demand in a system of simultaneous equations using a 3SLS method. The estimation results indicate that the growth rate of the oil price has remained unchangned over rather a long period of time, which is consistent with the theoretical outcomes predicted by the model.

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