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.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
