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The World Oil Market: An Examination Using Small-Scale Models

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  • David Jay Green

Abstract

This article presents the results of a series of exercises in the use of small-scale models to explain the spot price of crude oil. Small scale modeling-the use of a limited number of equations-involves a number of disadvantages: many interesting questions will have to be ignored and often a sense of realism may be sacrificed. However, small-scale models are an essential part of economic research. Compared to large, multi-equation models, small-scale models are often transparent-causal relations are clearly visible. In addition, small-scale models can often be easily updated and reexamined in the light of new information or assumptions. This is particularly important in policy-making when time and clear communication are at a premium.

Suggested Citation

  • David Jay Green, 1988. "The World Oil Market: An Examination Using Small-Scale Models," The Energy Journal, , vol. 9(3), pages 61-78, July.
    • Handle: RePEc:sae:enejou:v:9:y:1988:i:3:p:61-78
    DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No3-2
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