OPEC's market power: An empirical dominant firm model for the oil market
用1986-2016年季度数据估计原油市场的主导企业-竞争边缘模型，发现欧佩克在此期间行使了市场力量，反事实实验表明世界GDP是长期油价的主要驱动因素，但供给因素近年重要性上升。
We estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil prices for the 1986–2016 period. The estimated structural parameters have the expected signs and are significant. We find that OPEC exercised market power during the sample period. Counterfactual experiments indicate that world GDP is the main driver of long-run oil prices. However, supply (depletion) factors have become more important in recent years.