Structure Matters: Oil Markets Enter the Adelman Era
2014/2015年油价暴跌让许多计量经济学家措手不及，但阿德尔曼教授关于市场结构与价格行为关系的研究框架能更好解释过去四十年的油价波动，为未来提供更清晰的指引。
The 2014/2015 oil price collapse surprised the many economists who have published brilliant econometric explanations of oil price behavior. The sharp decline would not have caught Morris Adelman unawares. Professor Adelman’s lifelong research focused on the link between market structure and price behavior. His seminal work on industry structure, beginning with grocery retailer A&P, has provided a framework that can be used to explain oil price fluctuations that have occurred over the past four decades. His approach may not be as accurate as the elegant econometric models that dominate today’s literature but it does have one clear advantage: it provides far greater clarity on the way forward.