Equilibrium Exhaustible Resource Price Dynamics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Equilibrium Exhaustible Resource Price Dynamics write by Murray Carlson. This book was released on 2006. Equilibrium Exhaustible Resource Price Dynamics available in PDF, EPUB and Kindle. We develop equilibrium models of an exhaustible resource market where both prices and extraction choices are determined endogenously. Our analysis highlights a role for adjustment costs in generating price dynamics that are consistent with observed oil and gas forward prices as well as with the two-factor prices processes that were calibrated in Schwartz and Smith (2000). Stochastic volatility aries in our two-factor model as a natural consequence of production for oil and natural gas prices. Differences between the endogenous price processes considered in earlier papers can generate significant differences in both financial and real option values.
Render Onto Hotelling Or to Knight
Render Onto Hotelling Or to Knight - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Render Onto Hotelling Or to Knight write by Chen Lin. This book was released on 2014. Render Onto Hotelling Or to Knight available in PDF, EPUB and Kindle. Most of resource extraction and pricing models assume that risks are known with certain. However, empirical studies show that implausible high degree of risk diversification is needed to rationalize a Hotelling/Capital-Asset-Pricing model of exhaustible resource. Many choice situations feature Knight uncertainty (i.e., ambiguity or uncertainty about risk) rather than the pure risk. We present an exhaustible resource pricing model with recursive multi-priors utility in continuous-time that demonstrates the effect of ambiguity aversion on resource extraction and pricing. To investigate the pricing problem under various market structures, we discuss not only a competitive market with homogeneous producers, but also a competitive market with heterogeneous producers. Results show that other than the famous Hotelling rule the ambiguity aversion also contributes to the exhaustible resource pricing. This explains the relative high excess return that has been empirically observed in the Hotelling/Capital-Asset-Pricing model of exhaustible resource. In other words, render unto Hotelling that which belongs to Hotelling and render unto Knight, that which belongs to Him.
Equilibrium in Exhaustible Resource Industries
Equilibrium in Exhaustible Resource Industries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Equilibrium in Exhaustible Resource Industries write by Gabriel Alfredo Lozada. This book was released on 1987. Equilibrium in Exhaustible Resource Industries available in PDF, EPUB and Kindle.
An Equlibrium Analysis of Exhaustible Resource Investments
An Equlibrium Analysis of Exhaustible Resource Investments - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook An Equlibrium Analysis of Exhaustible Resource Investments write by Murray Carlson. This book was released on 2006. An Equlibrium Analysis of Exhaustible Resource Investments available in PDF, EPUB and Kindle. We develop a general equilibrium model of an exhaustible resource market where both the prices and extraction choices are determined endogenously. The model generates price dynamics that are roughly consistent with observed oil and gas forward and option prices as well as with the two-factor price processes that were calibrated in Schwartz and Smith (2000). However, the subtle differences between the endogenous price process determined within our general equilibrium model and the exogenous processes considered in earlier papers can generate significant differences in both financial and real option values.
Economic Theory and International Trade in Natural Exhaustible Resources
Economic Theory and International Trade in Natural Exhaustible Resources - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Economic Theory and International Trade in Natural Exhaustible Resources write by Cees Withagen. This book was released on 2012-12-06. Economic Theory and International Trade in Natural Exhaustible Resources available in PDF, EPUB and Kindle. This study is concerned with the economic theory of exhaustible resources. My interest in exhaustible resources dates back several years when prof. dr. J. Cramer and prof. dr. C. von Weizsacker stimu lated me to direct my research, at the Faculty of Actuarial Science and Econometrics of the University of Amsterdam, to the exploitation of Dutch natural gas. This issue raised many theoretical problems, in which I got gradually more and more involved. I was lucky to find in prof. dr. H. Weddepohl a person prepared to listen patiently and to read and critisize my numerous attempts to solve these problems. The actual work on the present monograph started in 1982 at the Faculty of Philosophy and Social Sciences of the Eindhoven University of Technology, in the context of the program "Equilibrium and Dis equilibrium" of the "voorwaardelijke financiering" (universitary financing system). I wish to thank here my supervisors prof. dr. P. Ruys and prof. dr. H. Weddepohl for their comments on earlier drafts of this monograph. When looking back, I realize that their remarks and our dis cussions have led to notable improvements. Also the Internation~l Institute for Applied Systems Analysis (Laxenburg, Austria) has made a valuable contribution by offering me the opportunity to spend three months in its serene academic environment in the summer of 1983. Thanks also to the energy group of I. I. A. S. A. and the I. I. A. S. A. foundation Netherlands.
