全球智库信息集成服务系统(G2TT): Why do Firms Hold Oil Stockpiles?

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Why do Firms Hold Oil Stockpiles?
	Charles F. Mason
发表日期	2011
出处	Energy: Resources and Markets
出版年	2011
语种	英语
摘要	Persistent and significant privately-held stockpiles of crude oil have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model. How then can the existence of these inventories be explained? In the presence of sufficiently stochastic prices, oil extracting firms have an incentive to hold inventories to smooth production over time. An alternative explanation is related to a speculative motive - firms hold stockpiles intending to cash in on periods of particularly high prices. I argue that empirical evidence supports the former but not the latter explanation.
特色分类	Q2;D8;L15
关键词	Petroleum Economics Stochastic Dynamic Optimization
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/why-do-firms-hold-oil-stockpiles/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/118009
推荐引用方式 GB/T 7714	Charles F. Mason. Why do Firms Hold Oil Stockpiles?. 2011.