- Title
- The development of the global thermal coal industry
- Creator
- Deans, Jonathon
- Resource Type
- thesis
- Date
- 2014
- Description
- Professional Doctorate - Doctor of Business Administration (DBA)
- Description
- Despite their importance to the global economy, commodity markets have been the subject of limited research. In particular, the development of these markets has not been well-explored. Prior work by Roeber (1996) provides a model for how development occurred in the global oil and UK gas markets, which was applied by Li (2010) to the global thermal coal market. The recent development of the coal market, and its relative accessibility to the researcher, offers a unique opportunity to investigate market development using qualitative techniques, to generate insights into the phenomena which drive this process. Transaction Cost Economics (TCE) is a school of economic thought that modifies neoclassical economic theory and suggests that costs to trading can be both large and meaningful; such costs include the costs of information (finding counterparties, market prices, etc), contract negotiation, monitoring and enforcement. TCE theory is used to modify the Roeber model and an alternative model is proposed which posits that transaction costs are the key drivers of commodity market development. This model is investigated using a series of semi-structured interviews with physical coal market participants. All participants had a minimum of 20 years’ experience in physical coal marketing/trading and were well-known industry identities. Data generated by the interviews was subject to direct content analysis, which confirmed the validity of the TCE-adapted model. The model has implications for understanding the ways in which commodity markets develop and change with time, as well as the effects of policy and regulatory choices by governments.
- Subject
- Coal; transaction cost economics; contracts; commodity markets
- Identifier
- http://hdl.handle.net/1959.13/1045223
- Identifier
- uon:14430
- Rights
- Copyright 2014 Jonathon Deans
- Language
- eng
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