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INTERNATIONAL CRUDE-OIL RESALES: THEORY AND RECENT HISTORY
Ist Teil von
The Journal of energy and development, 1987-10, Vol.13 (1), p.87-100
Ort / Verlag
Boulder, Colo: International Research Center for Energy and Economic Development (ICEED) in conjunction with the University of Colorado
Erscheinungsjahr
1987
Link zum Volltext
Quelle
Worldwide Political Science Abstracts
Beschreibungen/Notizen
Various aspects of the recent breakdown of vertical integration in the international petroleum industry are addressed. Considered first are the monitoring and enforcement problems inherent in contractual clauses intended to deter spot resales. A simple model of bilateral dominant firms that highlights these conflicts between the producer nations and the major oil companies is introduced and applied to a situation where an upstream firm sells an input to a large downstream firm and to a competitive fringe of buyers who supply a market separate from the one supplied by the downstream firm. The model reveals the incentives problems intrinsic to joint profit maximization by the large upstream and downstream firms under imperfect information.