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. (JEL Q31)
This article requires a subscription to view the full text. If you have a subscription you may use the login form below to view the article. Access to this article can also be purchased.
Log in using your username and password
Purchase access
In this issue
Jump to section
Related Articles
Cited By...
- No citing articles found.