in this paper, a novel hybrid model based on neural network and game theory is proposed to support the analyzers in oil market. in this model, first the neural network is utilized to learn the oil prices associated with opec production level and usa imports level. then the learned neural network is applied by a game model. finally the nash equilibrium points of the game present the optimum deci...

The United Nations Framework Convention on Climate Change and its Kyoto Protocol require Parties to take measures to minimise the adverse effects of climate change on vulnerable countries including small island states. In negotiations the Alliance of Small Island States (AOSIS) argue that this should mean assistance for capacity building and transfer of technologies to help them adapt to a chan...

Oil is the driving force for the modern economy as a cheap energy source and its reliable supply of oil is therefore a crucial element of economic growth. Oil resources however, are unevenly distributed and concentrated into only a few, on average, emerging economies. Inefficient and ineffective resource management can jeopardize the secure flow of oil. Especially since these supplying countrie...

Giannini Foundation of Agricultural Economics • University of California Much attention has been given to the introduction of biofuels assuming competitive oil markets. This paper argues that OPEC behaves as a cartel of nations and that this suggests different outcomes than those derived under the competitive or the standard cartel models. In particular, the paper shows that the competitive mod...

H igh price volatility and the risk are the main features of commodity markets. One way to reduce this risk is to apply the hedging policy by future contracts. In this regard, in this paper, we will calculate the optimal hedging ratios for OPEC oil. In this study, besides the multivariate GARCH models, for the first time we use conditional copula models for modelling dependence struc...

For several decades, petroleum has been a commodity of vital impor-tance to the global economy, in which a number of interesting marketphenomena has occurred. This monograph represents my efforts todescribe several of these phenomenon, along with a few other elementsof the oil market. My focus is on elements related to the extractionof petroleum, and the interactions between...

Prior research shows that corporate innovation enhances firm value. Using a novel text-based measure of innovation, we explore how the effects on performance change in presence economic policy uncertainty. We use large sample US firms over period 1996 to 2010 test relationship by executing firm-fixed effect regressions. Our results show significantly positively affects performance. However, our...

This study further develops a party to party gas price bargaining model (expanded in a research paper by Okugu, 2002) by using proxies of prices of these replacement fuels in OPEC spot oil prices and Henry Hub (HH) spot gas prices. The study finds a significant relationship between the variables. When optimally lagged data are analysed in a vector autoregressive model, a significant longer-term...

BACKGROUND There is a large body of literature examining income in relation to health expenditures. The share of expenditures in health sector from GDP in developed countries is often larger than in non-developed countries, suggesting that as the level of economic growth increases, health spending increase, too. OBJECTIVES This paper estimates long-run relationships between health expenditure...