The future of the world oil market
β Scribed by Katsuo Seiki
- Publisher
- Elsevier Science
- Year
- 1986
- Tongue
- English
- Weight
- 315 KB
- Volume
- 11
- Category
- Article
- ISSN
- 1751-4223
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We would like to thank an anonymous referee and Robert Webb (the Editor) for their helpful comments and suggestions that significantly improved the quality of the study. The ideas expressed in this study are those of the authors and do not necessarily reflect the views of Osaka Gas.
## Abstract In this study, a threeβfactor model of crude oil prices is estimated, which incorporates a timeβvarying market price of risk. The model is able to accurately capture the term structure of futures prices with evidence suggesting that risk premiums in the crude oil market are timeβvarying