In this lecture, we cover the major modeling topics from Chapter 08 of Morecroft (2010), which covers the development of a dynamic model of oil price that explicitly models global oil producers (including independent producers, OPEC, and the effect of Russia entering the market after the collapse of the USSR). The lecture marches through the selection of major sectors to model and then drills down into each sector to discuss how to structure stocks and flows that capture the dynamics of how variables relate to each other to explain price and production fluctuations over time.
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