Template-Type: ReDIF-Article 1.0
Author-Name:  Philip K. Verleger Jr.
Title:  Structure Matters:
Oil Markets Enter the Adelman Era
Classification-JEL: F0
Volume:  Volume 36
Issue:  Adelman Special Issue
Year:  2015
Abstract:  The 2014/2015 oil price collapse surprised the many economists who have published brilliant econometric explanations of oil price behavior. The sharp decline would not have caught Morris Adelman unawares. Professor Adelman's lifelong research focused on the link between market structure and price behavior. His seminal work on industry structure, beginning with grocery retailer A&P, has provided a framework that can be used to explain oil price fluctuations that have occurred over the past four decades. His approach may not be as accurate as the elegant econometric models that dominate today's literature but it does have one clear advantage: it provides far greater clarity on the way forward. 
Handle: RePEc:aen:journl:ej36-si1-Verleger
File-URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=2666
File-Format: text/html
File-Restriction: Access to full text is restricted to IAEE members and subscribers.