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Market Power in Nonrenewable Resource Markets: An Empirical Dynamic Model

Market Power in Nonrenewable Resource Markets: An Empirical Dynamic Model ABSTRACT: This paper estimates a dynamic model of the world markets for five nonrenewable resources over the period 1970–2004 and tests for market power in each of these markets. The results show that during the study period the world markets for copper, iron, lead, tin, and zinc were characterized by oligopolistic behavior. Our model enables us to estimate an upper bound for the price elasticity of demand for those markets exhibiting market power. We find that the demand for copper, iron, lead, and zinc is relatively inelastic, while the demand for tin is extremely elastic. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Market Power in Nonrenewable Resource Markets: An Empirical Dynamic Model

Land Economics , Volume 93 (1) – Jan 19, 2017

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Publisher
University of Wisconsin Press
Copyright
Copyright by the Board of Regents of the University of Wisconsin System.
ISSN
1543-8325
Publisher site
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Abstract

ABSTRACT: This paper estimates a dynamic model of the world markets for five nonrenewable resources over the period 1970–2004 and tests for market power in each of these markets. The results show that during the study period the world markets for copper, iron, lead, tin, and zinc were characterized by oligopolistic behavior. Our model enables us to estimate an upper bound for the price elasticity of demand for those markets exhibiting market power. We find that the demand for copper, iron, lead, and zinc is relatively inelastic, while the demand for tin is extremely elastic.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Jan 19, 2017

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