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El Uso De Una Cuota Variable De Royalty Para Preservar Las Reservas De Petroleo

Listed author(s):
  • JOAO MANOEL LOSADA MOREIRA
  • LUCELIA IVONETE JULIANI
  • SINCLAIR MALLET GUY GUERRA
Registered author(s):

    En este trabajo se analiza la posibilidad de utilizar una cuota variable de royalty para inducir a las empresas en un entorno competitivo a preservar las reservas de petróleo. Inicialmente, se desarrolló un modelo de la evolución de las reservas de petróleo, disponible para la extracción por un empresario en régimen de competencia, incluyéndose en la expresión del beneficio económico la cuota variable de royalty. El modelo se formula como una función logística que describe el comportamiento de los recursos naturales renovables. Los resultados obtenidos muestran que la situación que maximiza el beneficio económico del empresario y reduce la tasa de extracción del petróleo se produce cuando la rentablidad neta del empresario se aproxima a su tasa de interés relevante. Esto es debido a la propensión del empresario a aumentar la tasa de extracción de los recursos naturales para dar cabida a las variaciones en la rentabilidad causadas por el mercado. La introducción de una cuota variable de royalty proporciona una variable que puede compensar estas fluctuaciones y ofrecer al empresario una rentabilidad próxima a su tasa de interés relevante. Los resultados muestran que es posible regular, dentro de unos límites, el nivel de reservas de recursos naturales y obtener recursos financieros para llevar a cabo políticas sociales. This paper discusses the possibility of using a variable royalty rate to induce firms to preserve oil reserves in a competitive market. We start developing for a competitive firm a model that describes the time evolution of oil reserves available for extraction. The royalty rate was explicitly included in the profit expression, and the model has the same logistic function formalism that describes the time behavior of renewable natural resources. The results show that the oil extraction rate is reduced when the firm profit variation in time is close to the firm relevant interest rate. This occurs because the firms tend to increase the extraction rate of natural resources to accommodate profit variations caused by the market. The introduction of a variable royalty rate provides a means that can compensate for these variations and keep the firm profitability close to its relevant interest rate. The results showed that is possible, within limits, to preserve oil reserves and provide the state with financial resources to carry out social poli cies.

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    File URL: http://www.usc.es/econo/RGE/Vol23/rge23110c.pdf
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    Article provided by University of Santiago de Compostela. Faculty of Economics and Business. in its journal Revista Galega de Economía.

    Volume (Year): 23 (2014)
    Issue (Month): 1 ()
    Pages: 203-226

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    Handle: RePEc:sdo:regaec:v:23:y:2014:i:1_10
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    Web page: http://www.usc.es/econo/RGE/benvidag.htm

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