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Hotelling under pressure

Author: Soren T Anderson; Ryan Kellogg; Stephen W Salant; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 20280.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We show that oil production from existing wells in Texas does not respond to price incentives. Drilling activity and costs, however, do respond strongly to prices. To explain these facts, we reformulate Hotelling's (1931) classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Soren T Anderson; Ryan Kellogg; Stephen W Salant; National Bureau of Economic Research,
OCLC Number: 884984516
Notes: "July 2014"
Description: 1 online resource (48, A-33 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20280.
Responsibility: Soren T. Anderson, Ryan Kellogg, Stephen W. Salant.

Abstract:

We show that oil production from existing wells in Texas does not respond to price incentives. Drilling activity and costs, however, do respond strongly to prices. To explain these facts, we reformulate Hotelling's (1931) classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is extracted. The model implies a modified Hotelling rule for drilling revenues net of costs and explains why production is typically constrained. It also rationalizes regional production peaks and observed patterns of price expectations following demand shocks.

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