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Testing for Non-jointness in Oil and Gas Exploration: A Variable Profit Function Approach

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  • Livernois, John R
  • Ryan, David L

Abstract

The empirical validity of the hypothesis of nonjointness is investigated in the context of a multiple-output production process that utilizes both fixed and variable inputs. Specifically, global tests of the hypotheses of almost nonjointness in the input quantities and prices, and separability of inputs and outputs, are conducted using data on oil and natural gas exploration in Alberta, Canada. Based on estimation of a generalized linear-Generalized Leontief variable profit function, the authors reject the separability hypothesis, but not the nonjointness hypothesis. Empirical issues concerning oil and gas exploration activity are examined using the maximum likelihood estimates obtained under nonjointness. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 30 (1989)
Issue (Month): 2 (May)
Pages: 479-504

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Handle: RePEc:ier:iecrev:v:30:y:1989:i:2:p:479-504

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Cited by:
  1. James Cust & Torfinn Harding, 2013. "Institutions and the Location of Oil Exploration," Economics Series Working Papers OxCarre Research Paper 12, University of Oxford, Department of Economics.
  2. Vilaphonh Xayavong & Nazrul Islam & Ruhul Salim, 2011. "Estimating Production Response of Broadacre Farms in Western Australia: The Nexus of Empirics and Economics Revisited," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 217-232, December.
  3. Peeters, Ludo & Surry, Yves, 1993. "Estimating feed utilisation matrices using a cost function approach," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 9(2), August.
  4. Steven Buccola, 2000. "Material And Value-Adding Inputs In Manufacturing Enterprises," Journal of Productivity Analysis, Springer, vol. 13(3), pages 231-247, May.
  5. Günter Lang, 2001. "Global Warming and German Agriculture Impact Estimations Using a Restricted Profit Function," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(2), pages 97-112, June.
  6. John T. Cuddington & Diana L. Moss, 1996. "The Finding Cost of Natural Gas: Technological Change versus Resource Depletion," Microeconomics 9610004, EconWPA, revised 30 Jul 1998.
  7. Ludo Peeters & Yves Surry, 2000. "Incorporating Price-Induced Innovation in a Symmetric Generalised McFadden Cost Function with Several Outputs," Journal of Productivity Analysis, Springer, vol. 14(1), pages 53-70, July.
  8. Mohn, Klaus & Osmundsen, Petter, 2008. "Exploration economics in a regulated petroleum province: The case of the Norwegian Continental Shelf," Energy Economics, Elsevier, vol. 30(2), pages 303-320, March.
  9. Davis, George C. & Jensen, Kimberly L., 1994. "Two-Stage Utility Maximization And Import Demand Systems Revisited: Limitations And An Alternative," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(02), December.
  10. John T. Cuddington & Diana L. Moss, 2001. "Technological Change, Depletion, and the U.S. Petroleum Industry," American Economic Review, American Economic Association, vol. 91(4), pages 1135-1148, September.
  11. Guenter Lang, 1999. "Global Warming and German Agriculture," Discussion Paper Series 185, Universitaet Augsburg, Institute for Economics.

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