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Optimal oil production and the world supply of oil [electronic resource] /
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| 자료유형 | E-Book |
|---|---|
| 개인저자 | Aleksandrov, Nikolay. Espinoza, Raphael A. Gyurko?, Lajos. |
| 단체저자명 | International Monetary Fund. Research Department. |
| 서명/저자사항 | Optimal oil production and the world supply of oil[electronic resource] /prepared by Nikolay Aleksandrov, Raphael Espinoza, and Lajos Gyurko?. |
| 발행사항 | [Washington, D.C.] : International Monetary Fund, c2012. |
| 형태사항 | 1 online resource (31 p.) |
| 총서사항 | IMF working paper ;WP/12/294 |
| ISBN | 9781616359744 (electronic bk.) 1616359749 (electronic bk.) |
| 일반주기 |
Title from PDF title page (IMF Web site, viewed Dec. 18, 2012).
"Research Department." "December 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible enough to solve a model with several state variables, to discuss the effect of risk aversion, and to take into account uncertainty in the size of reserves. Optimal extraction in the baseline model is found to be volatile. If the oil producer is risk averse, production is more stable, but spare capacity is much higher than what is typically observed. We show that decisions are very sensitive to expectations on the equilibrium oil price using a mean reverting model of the oil price where the equilibrium price is also a random variable. Oil production was cut during the 2008-2009 crisis, and we find that the cut in production was larger for OPEC, for countries facing a lower discount rate, as predicted by the model, and for countries whose governments' finances are less dependent on oil revenues. However, the net present value of a country's oil reserves would be increased significantly (by 100 percent, in the most extreme case) if production was cut completely when prices fall below the country's threshold price. If several producers were to adopt such strategies, world oil prices would be higher but more stable. |
| 일반주제명 | Petroleum -- Prospecting -- Economic aspects. Petroleum products -- Prices -- Econometric models. Petroleum reserves -- Econometric models. TECHNOLOGY & ENGINEERING / Mining. |
| 언어 | 영어 |
| 대출바로가기 | http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=548015 |
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| No. | 등록번호 | 청구기호 | 소장처 | 도서상태 | 반납예정일 | 예약 | 서비스 | 매체정보 |
|---|---|---|---|---|---|---|---|---|
| 1 | WE00001944 | 622/.1828 | 가야대학교/전자책서버(컴퓨터서버)/ | 대출가능 |
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