| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| An Economic Model of Oil Reserves Additions: Application to U.S. Data |
| Y. H. Farzin
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| 发表日期 | 1998
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| 出处 | Climate Change and Sustainable Development
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| 出版年 | 1998
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| 语种 | 英语
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| 摘要 | Departing from Hotelling's assumption of fixed and known reserves, in this paper I develop an economic model of additions to proven reserves that explicitly incorporates the effects of expected resource price, cumulative reserves development, and technological progress on reserves additions. The model treats additions to proven oil reserves as output of a production process in which drilling wells is a primary input to transform some of the oil-in-place into the economic category of proven reserves. Application of the model to U.S. data for the 1950-1995 period provides strong statistical support for the existence of all the three salient effects. I obtain an estimate of the price elasticity of reserves additions (absent from previous studies) which, although statistically highly significant, is small in magnitude. Using this price elasticity estimate, I show that if in the face of steady economic growth, and hence oil consumption, U.S. dependence on foreign oil is to be kept from rising in the future, ceteris paribus, a steady oil price increase in the range of 1.5 to 4.5 percent a year is essential. |
| 特色分类 | D2,H3,Q31,Q41
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| 关键词 | Reserves additions,Price effect,Depletion,Technological progress,Oil dependence
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/an-economic-model-of-oil-reserves-additions-application-to-u-s-data/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116392
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推荐引用方式
GB/T 7714 |
Y. H. Farzin. An Economic Model of Oil Reserves Additions: Application to U.S. Data. 1998.
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文件名：
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NDL1998-096.pdf
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格式：
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Adobe PDF
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