Resources and Energy最新文献

In this paper, we show that requiring all firms to conduct non-negative levels of exploration restricts the number of firms in exhaustible resource industries. Thus exploration creates a natural barrier to the degree of competition in exhaustible resource industries. Relative to the competitive case, the oligopolist explores more and extracts more in the first period. Increasing the number of firms in the industry lowers the oligopolist's levels of exploration and extraction but increases the industry levels of exploration and extraction.

Petroleum reservoir behavior at different levels of reservoir pressure is estimated with the actual well data and reservoir characteristics. Using the pressure at the bottom of producing wells as control variables, the time paths of profit maximizing joint production of oil and natural gas under various tax policies are obtained using a dynamic optimization approach.

The results emerge from numerical solution of the maximization of estimated future expected revenues net of variable costs in the presence of taxation. Higher discount rate shifts the production forward in time and prolongs the production plan. The analysis of the state, corporate income taxes and depletion allowance reveals the changes in the revenues to the firm, the state and the federal governments.

This paper applies qualitative microeconomic analysis to issues facing the designers of auction programs for the leasing for development of governmentally owned resources. This kind of analysis suggests that there are several potentially valuable novel ways of setting lease terms and/or holding the leasing competition.

This paper surveys the literature in empirical oil and gas supply modeling. The models fall into two broad categories: geologic/engineering and econometric. Two types of geologic/engineering models are surveyed — play analysis, or simulation, models and discovery process models. A third category of supply models, ‘hybrids’, which contain features of both econometric and discovery process models are also discussed. Particular attention is paid to whether or not the models have linkages between a dynamic model of producer optimizing behavior and the factors governing supply of the resource; whether or not expectations of future prices, costs, and other stochastic variables are incorporated; whether the physical characteristics of non-renewable resources are captured; and how well the models perform. The paper concludes that the best path for future research efforts is a hybrid approach where the econometric component is derived from a stochastic dynamic optimization model of exploration behavior.

Use of annual data instead of monthly data distorts the regression results. The problem arises from the existence of seasonal variation in electricity consumption, rate schedules, and fuel adjustment rates.

A recently developed methodology of the cointegration test is employed to determine whether energy consumption has a long-run equilibrium relationship with the level of income or employment. It is found that the long-run equilibrium relationship fails to exist in either case. The finding implies a long-run neutrality of energy consumption, which is consistent with the short-run neutrality found in the literature. The results are further confirmed by splitting the sample into two sub-periods.