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首页> 外文学位 >THE COST MINIMIZING INDUSTRY STRUCTURE FOR PETROLEUM REFINING: AN APPLICATION OF CONTESTABLE MARKET THEORY AND MULTIPRODUCT COST FUNCTIONS.
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THE COST MINIMIZING INDUSTRY STRUCTURE FOR PETROLEUM REFINING: AN APPLICATION OF CONTESTABLE MARKET THEORY AND MULTIPRODUCT COST FUNCTIONS.

机译：石油精炼的成本最小化产业结构：可竞争市场理论和多产品成本函数的应用。

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摘要

Since the elimination of crude oil price controls and the entitlements program in 1980, the U.S. petroleum refining industry has undergone significant changes in structure and technology. The number of refineries has declined from 303 in January 1981 to 191 in January 1985. Several mergers and acquisitions among major refiners have resulted in some reductions in capacity as plants have been retired or sold to independents. Meanwhile, capital investment in existing refineries has made the U.S. industry much more flexible in terms of handling various grades of crude oil. Given these changes, it is of increasing interest from a policy standpoint to determine the optimal (cost minimizing) industry structure for petroleum refining and whether or not the industry is moving in that direction. Policy implications concerning mergers and acquisitions are of particular interest.;From the estimated cost function, it is determined that the cost minimizing scale of overall company refining operations is approximately 425 thousand barrels per day (MBD) nameplate distillation capacity. Regarding the optimal company configuration, evidence is presented suggesting that combinations of smaller refineries is more efficient than one large refinery.;Applying the principles of contestable market theory to the estimated cost function, it is determined that the existing structure is not sustainable due to the discrepancy between the optimal and existing industry structures and the fact that firms are not producing where price equals marginal cost for each of the three products, motor gasoline, distillate fuels and other refined products. Examining market adjustments since 1980, however, it is determined that the industry is converging on both the optimal configuration and product mix. Therefore, it is concluded that the petroleum refining industry is sufficiently contestable that no policy measures are required to achieve the optimal industry structure.;The approach of this research is to first estimate econometrically the long run cost structure of petroleum refining operations using a translog multiproduct cost function and company refining data from the Financial Reporting System (FRS) maintained by the Energy Information Administration. The principles of contestable market theory are then applied to the estimated cost function to determine the cost minimizing number and size of overall company refining operations. Given that the existing configuration is significantly different from the cost minimizing structure, Stigler's survivor technique is used in part to determine if the industry is adjusting toward the optimal structure.
机译：自1980年取消原油价格管制和权利计划以来，美国石油精炼行业的结构和技术已发生重大变化。炼油厂的数量已从1981年1月的303家减少到1985年1月的191家。主要炼油厂之间的几次并购导致工厂退役或出售给独立企业后，产能有所下降。同时，对现有炼油厂的资本投资使美国工业在处理各种等级的原油方面更加灵活。鉴于这些变化，从政策的角度来确定石油精炼的最佳（成本最小化）行业结构以及该行业是否朝着这个方向发展越来越引起人们的关注。有关合并和收购的政策含义尤其令人关注。;从估计成本函数中，可以确定，公司整体精炼业务的成本最小化规模约为每天42.5万桶（MBD）铭牌蒸馏能力。关于最优的公司配置，有证据表明，较小的炼油厂的组合比一个大型的炼油厂更有效。最佳产业结构与现有产业结构之间的差异，以及在价格等于边际成本的三种产品（车用汽油，馏分燃料和其他精制产品）中，企业没有生产的事实。然而，从1980年开始审查市场调整，就可以确定该行业正在集中在最佳配置和产品结构上。因此，得出的结论是，石油精炼行业竞争激烈，无需采取任何政策措施即可达到最佳的产业结构。本研究的方法是，首先采用计量对数的多产品，以计量方法估算石油精炼运营的长期成本结构成本函数和公司精炼数据来自能源信息管理局维护的财务报告系统（FRS）。然后，将可竞争市场理论的原理应用于估计成本函数，以确定使公司精炼总体数量最小和规模最小的成本。考虑到现有的配置与降低成本的结构明显不同，Stigler的幸存者技术可部分用于确定行业是否朝着最佳结构进行调整。

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  • 作者

    SHOESMITH, GARY LEE.;

  • 作者单位

    Southern Methodist University.;

  • 授予单位 Southern Methodist University.;
  • 学科 Economics Commerce-Business.
  • 学位 Ph.D.
  • 年度 1986
  • 页码 152 p.
  • 总页数 152
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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