Significant decline in the slope of short-term oil supply and demand curves, along with the meaningful change in the degree of risk aversion in arbitrageurs encouraged us to test the time-varying effects of speculative demand on crude oil price dynamics over the period 1985-2016. Using a time-varying parameter vector autoregressive (TVP-VAR) model – with structural shocks identified by Killian ...

The estimation of output supply and inputs demand in farming sector with the assumption of full economic efficiency may result in false policy decisions. This article investigates the effects of irrigated wheat economic inefficiency on output supply and inputs demand in the period 2001-2009. After estimating the economic inefficiency by the use of production and cost stochastic models, the outp...

Biofuel is known as one of the best gasoline substitutes in the transportation industry. Designing an optimal supply chain is an essential requirement for the commercialization of biofuel production. This paper presents a mixed integer linear programming model to design a biofuel supply chain in which biofuel demand is under autoregressive moving average time series models. It is studied how th...

Biofuels have attracted much attention as a sutuible substitute for fossil fuels in last decade. Designing an efficient supply chain is an essential requirement for commercialization of biofuel production. This paper presents a mixed integer linear programming (MILP) model to design biofuel supply chains in which the biofuel demand is under ARMA time series models. It is studied how ARMA time s...

The demand for some products, such as energy, does not instantaneously respond to price changes. In fact, sluggishness of the demand is an important characteristic of energy and oil markets. This study examines the effect of demand sluggishness on the price and output of a fossil fuel industry in which a cartel and a fringe firm supply in the market. The cartel has larger reserves and less cost...