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Optimal failure rates and penalty-bonus policies in the offshore petroleum sector

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Author Info
Eirik Amundsen

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Abstract

We characterize optimal time profiles of risk-reducing expenditures and wreck probabilities for petroleum platforms. The input to our analysis is the development of wreck cost, direct and imputed. Particular attention is paid to the question of how private companies deviating from socially optimal standards may be induced to comply with such standards by means of a) a time-variant penalty, b) a no-wreck bonus and c) a time-invariant penalty. Copyright Kluwer Academic Publishers 1992

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File URL: http://hdl.handle.net/10.1007/BF00376830
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 2 (1992)
Issue (Month): 5 (September)
Pages: 469-489
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Handle: RePEc:kap:enreec:v:2:y:1992:i:5:p:469-489

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Web page: http://www.springerlink.com/link.asp?id=100263

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Related research
Keywords: Petroleum-production; failure rates; penalty-bonus policies;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Reed, William J., 1984. "The effects of the risk of fire on the optimal rotation of a forest," Journal of Environmental Economics and Management, Elsevier, vol. 11(2), pages 180-190, June. [Downloadable!] (restricted)
  2. Arthur, W B, 1981. "The Economics of Risks to Life," American Economic Review, American Economic Association, vol. 71(1), pages 54-64, March. [Downloadable!] (restricted)
  3. Steven Shavell, 1983. "Liability for Harm Versus Regulation of Safety," NBER Working Papers 1218, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Segerson, Kathleen, 1989. "Risk and incentives in the financing of hazardous waste cleanup," Journal of Environmental Economics and Management, Elsevier, vol. 16(1), pages 1-8, January. [Downloadable!] (restricted)
  5. Steven Shavell, 2003. "Economic Analysis of Accident Law," NBER Working Papers 9694, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
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  1. Jon Strand, 1994. "Environmental accidents under moral hazard and limited firm liability," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 4(5), pages 495-509, October. [Downloadable!] (restricted)
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