| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20280 |
| 来源ID | Working Paper 20280 |
| Hotelling Under Pressure | |
| Soren T. Anderson; Ryan Kellogg; Stephen W. Salant | |
| 发表日期 | 2014-07-10 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We show that oil production from existing wells in Texas does not respond to price incentives. Drilling activity and costs, however, do respond strongly to prices. To explain these facts, we reformulate Hotelling's (1931) classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is extracted. The model implies a modified Hotelling rule for drilling revenues net of costs and explains why production is typically constrained. It also rationalizes regional production peaks and observed patterns of price expectations following demand shocks. |
| 主题 | Macroeconomics ; Consumption and Investment ; Industrial Organization ; Industry Studies ; Environmental and Resource Economics ; Energy |
| URL | https://www.nber.org/papers/w20280 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577954 |
| 推荐引用方式 GB/T 7714 | Soren T. Anderson,Ryan Kellogg,Stephen W. Salant. Hotelling Under Pressure. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
