A rationalization of ups and downs of oil prices by sluggish demand, uncertainty, and nonconcavity

DOI10.1111/NRM.12025zbMATH Open1542.91297MaRDI QIDQ6550385FDOQ6550385

Authors: Franz Wirl, Sebastian Caban 

Publication date: 5 June 2024

Published in: Natural Resource Modeling (Search for Journal in Brave)

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zbMATH Keywords

dynamicstochasticmonopolyoil pricesconvex demand

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Microeconomic theory (price theory and economic markets) (91B24)

Cites Work

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• Projection methods for solving aggregate growth models
• Controlled stochastic differential equations under Poisson uncertainty and with unbounded utility
• Investment under uncertainty: calculating the value function when the Bellman equation cannot be solved analytically
• Reversible stopping (``switching) implies super contact
• Cartel instability and periodic price shocks

Cited In (1)

• Dynamic demand and noncompetitive intertemporal output adjustments: correction and extension

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