Is Hotelling's rule relevant to domestic oil production?

被引：17
作者：
Black, G [1 ]
LaFrance, JT
机构：
[1] Marist Coll, Sch Management, Poughkeepsie, NY 12601 USA
[2] Univ Calif Berkeley, Berkeley, CA 94720 USA
来源：
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT | 1998年 / 36卷 / 02期
关键词：
oil supply; Hotelling's rule; maximum efficient recovery;
D O I：
10.1006/jeem.1998.1042
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A model of oil supply from known reserves is developed to incorporate geological and engineering principles in the oil field operator's decision problem. Oil production from existing wells within an oil field is isolated from the drilling of new wells. The gee-engineering rule known as maximum efficient recovery (MER) is nested within the economic model to test the hypothesis that production from established fields is invariant to the price of oil. The econometric model is applied to quarterly data from seven Montana oil fields. The MER model is strongly rejected by the data, providing evidence that oil supply models should include economic as well as gee-engineering principles. (C) 1998 Academic Press.
引用
收藏
页码：149 / 169
页数：21
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