Estimates of Marginal Discovery Costs for Oil and Gas
AbstractPrevious estimates of the finding costs for oil and natural gas reserves have been impeded by the joint-cost problem in exp loration. The solutions have been to either estimate the finding cost for an oil-gas aggregate or to allocate total finding costs between oil discoveries and gas discoveries according to rules chosen by the researcher. In this paper, the joint-cost problem is circumvented by estimating a multiple-output, exploration cost function which is used to calculate the predicted values of marginal finding costs for oil and gas. These values are then compared to independent estimates of t he shadow prices of reserves for oil and gas to help settle the debat e over whether marginal finding costs provide a good measure of rent.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 21 (1988)
Issue (Month): 2 (May)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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- Rodriguez, Xose Anton & Arias, Carlos, 2008. "The effects of resource depletion on coal mining productivity," Energy Economics, Elsevier, Elsevier, vol. 30(2), pages 397-408, March.
- John T. Cuddington & Diana L. Moss, 2001. "Technological Change, Depletion, and the U.S. Petroleum Industry," American Economic Review, American Economic Association, American Economic Association, vol. 91(4), pages 1135-1148, September.
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