In this lecture, we review topics covered in Chapter 8 of Morecroft (2015), which is a case study of a system dynamics model of oil price trajectories meant to mimic a variety of periods of history while also helping in strategic scenario planning for the future. This particular model focuses on the effect of the OPEC oil cartel on price dynamics, including both the role of the swing producer in both setting prices and ensuring enforcement of quotas by other OPEC members.
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