Autori
Mollgaard, H. Peter
Phlips, Louis

Titolo
Oil futures and strategic stocks at sea
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1991 - Fascicolo: 54 - Pagina iniziale: 1 - Pagina finale: 32

A theoretical model explaining the determination of prices in the markets for North Sea crude oil is set up. Three markets are analysed in a three-stage game in which market concentration increases by each stage: In the first stage, the International Petroleum Exchange is modeled as a thick futures market. This market is also used to hedge against the uncertain outcome of the 15-Day forward market, modeled in the second stage. There, a small club of traders enter futures contracts knowing that this will affect the storage decision and thereby the spot price profile. The third stage models the spot market as a twoperiod duopoly with inventories. The strategic effect of, and interaction between, inventories and futures positions is investigated.



Testo completo: http://hdl.handle.net/1814/393

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