Optimal Extraction Of Nonrenewable Resources When Costs Cumulate

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Optimal Oil Production and the World Supply of Oil

Author : Mr.Nikolay Aleksandrov
Publisher : International Monetary Fund
ISBN 13 : 1616354836
Total Pages : 31 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Optimal Oil Production and the World Supply of Oil by : Mr.Nikolay Aleksandrov

Download or read book Optimal Oil Production and the World Supply of Oil written by Mr.Nikolay Aleksandrov and published by International Monetary Fund. This book was released on 2012-12-17 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Analyzing Nonrenewable Resource Supply

Author : Douglas R. Bohi
Publisher : Routledge
ISBN 13 : 1317361431
Total Pages : 180 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Analyzing Nonrenewable Resource Supply by : Douglas R. Bohi

Download or read book Analyzing Nonrenewable Resource Supply written by Douglas R. Bohi and published by Routledge. This book was released on 2015-09-16 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1984, Douglas A. Bohi and Michael A. Toman have produced a convenient reference source about disparate elements in the theory of nonrenewable resource supply and about general issues that arise when applying dynamic economic analysis. The authors emphasise the inherently dynamic nature of resource supply decisions, the effects of resource depletion on costs and behaviour, and the influence of uncertainty about costs, prices, and reserves. This title will be useful to students interested in environmental studies and economics, practitioners, and others who need to know more about complex interactions of economic forces and the resource base.

Non-Renewable Resources Extraction Programs and Markets

Author : J. Hartwick
Publisher : Routledge
ISBN 13 : 1136469427
Total Pages : 163 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis Non-Renewable Resources Extraction Programs and Markets by : J. Hartwick

Download or read book Non-Renewable Resources Extraction Programs and Markets written by J. Hartwick and published by Routledge. This book was released on 2013-10-08 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considers the role of economics in discussions about the depletion of finite stocks of natural resources including oil.

A Stochastic Control Framework for Real Options in Strategic Evaluation

Author : Alexander Vollert
Publisher : Springer Science & Business Media
ISBN 13 : 1461220688
Total Pages : 275 pages
Book Rating : 4.4/5 (612 download)

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Book Synopsis A Stochastic Control Framework for Real Options in Strategic Evaluation by : Alexander Vollert

Download or read book A Stochastic Control Framework for Real Options in Strategic Evaluation written by Alexander Vollert and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theoretical foundation for real options goes back to the mid 1980s and the development of a model that forms the basis for many current applications of real option theory. Over the last decade the theory has rapidly expanded and become enriched thanks to increasing research activity. Modern real option theory may be used for the valuation of entire companies as well as for particular investment projects in the presence of uncertainty. As such, the theory of real options can serve as a tool for more practically oriented decision making, providing management with strategies maximizing its capital market value. This book is devoted to examining a new framework for classifying real options from a management and a valuation perspective, giving the advantages and disadvantages of the real option approach. Impulse control theory and the theory of optimal stopping combined with methods of mathematical finance are used to construct arbitrarily complex real option models which can be solved numerically and which yield optimal capital market strategies and values. Various examples are given to demonstrate the potential of this framework. This work will benefit the financial community, companies, as well as academics in mathematical finance by providing an important extension of real option research from both a theoretical and practical point of view.

Integrating Economics, Ecology and Thermodynamics

Author : Matthias Ruth
Publisher : Springer Science & Business Media
ISBN 13 : 9401718997
Total Pages : 255 pages
Book Rating : 4.4/5 (17 download)

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Book Synopsis Integrating Economics, Ecology and Thermodynamics by : Matthias Ruth

Download or read book Integrating Economics, Ecology and Thermodynamics written by Matthias Ruth and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economies are open systems embedded in an ecosystem with which they exchange matter and energy. Interactions among these systems are vital for each system's performance and are constrained by the laws of physics. This volume pays tribute to economy--environment interactions simultaneously from an economic, ecological and physical perspective. Integrating Economics, Ecology and Thermodynamics provides a first step in identifying and combining the principles of economics, ecology and thermodynamics on a fundamental level. Part I lays out the general context for the approach chosen. Part II familiarizes readers with core concepts of, and methods used in, the three disciplines of economics, ecology and thermodynamics. Part III assesses ways in which these disciplines can be integrated to provide an improved understanding of economy--environment interactions. Part IV illustrates the integration of the three disciplines with a dynamic model of a human community interacting with its environment. In Part V the volume closes with a brief summary and a set of conclusions on the relevance of integrated, interdisciplinary approaches to economy--environment interactions.

Connections Between Singular Control and Optimal Switching with Applications to Reversible Investment

Author : Pascal Ivan Tomecek
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Connections Between Singular Control and Optimal Switching with Applications to Reversible Investment by : Pascal Ivan Tomecek

Download or read book Connections Between Singular Control and Optimal Switching with Applications to Reversible Investment written by Pascal Ivan Tomecek and published by . This book was released on 2007 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Length of Optimal Extraction Programs when Depletion Affects Extraction Costs

Author : Stephen W. Salant
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis The Length of Optimal Extraction Programs when Depletion Affects Extraction Costs by : Stephen W. Salant

Download or read book The Length of Optimal Extraction Programs when Depletion Affects Extraction Costs written by Stephen W. Salant and published by . This book was released on 1982 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Natural Resources as Capital

Author : Larry Karp
Publisher : MIT Press
ISBN 13 : 0262534053
Total Pages : 433 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Natural Resources as Capital by : Larry Karp

Download or read book Natural Resources as Capital written by Larry Karp and published by MIT Press. This book was released on 2017-10-27 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to the concepts and tools of natural resource economics, including dynamic models, market failures, and institutional remedies. This introduction to natural resource economics treats resources as a type of capital; their management is an investment problem requiring forward-looking behavior within a dynamic setting. Market failures are widespread, often associated with incomplete or nonexistent property rights, complicated by policy failures. The book covers standard resource economics topics, including both the Hotelling model for nonrenewable resources and models for renewable resources. The book also includes some topics in environmental economics that overlap with natural resource economics, including climate change. The text emphasizes skills and intuition needed to think about dynamic models and institutional remedies in the presence of both market and policy failures. It presents the nuts and bolts of resource economics as applied to nonrenewable resources, including the two-period model, stock-dependent costs, and resource scarcity. The chapters on renewable resources cover such topics as property rights as an alternative to regulation, the growth function, steady states, and maximum sustainable yield, using fisheries as a concrete setting. Other, less standard, topics covered include microeconomic issues such as arbitrage and the use of discounting; policy problems including the “Green Paradox”; foundations for policy analysis when market failures are important; and taxation. Appendixes offer reviews of the relevant mathematics. The book is suitable for use by upper-level undergraduates or, with the appendixes, masters-level courses.

The Green Paradox

Author : Hans-Werner Sinn
Publisher : MIT Press
ISBN 13 : 0262300583
Total Pages : 287 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis The Green Paradox by : Hans-Werner Sinn

Download or read book The Green Paradox written by Hans-Werner Sinn and published by MIT Press. This book was released on 2012-02-03 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist develops a supply-side approach to fighting climate change that encourages resource owners to leave more of their fossil carbon underground. The Earth is getting warmer. Yet, as Hans-Werner Sinn points out in this provocative book, the dominant policy approach—which aims to curb consumption of fossil energy—has been ineffective. Despite policy makers' efforts to promote alternative energy, impose emission controls on cars, and enforce tough energy-efficiency standards for buildings, the relentlessly rising curve of CO2 output does not show the slightest downward turn. Some proposed solutions are downright harmful: cultivating crops to make biofuels not only contributes to global warming but also uses resources that should be devoted to feeding the world's hungry. In The Green Paradox, Sinn proposes a new, more pragmatic approach based not on regulating the demand for fossil fuels but on controlling the supply. The owners of carbon resources, Sinn explains, are pre-empting future regulation by accelerating the production of fossil energy while they can. This is the “Green Paradox”: expected future reduction in carbon consumption has the effect of accelerating climate change. Sinn suggests a supply-side solution: inducing the owners of carbon resources to leave more of their wealth underground. He proposes the swift introduction of a “Super-Kyoto” system—gathering all consumer countries into a cartel by means of a worldwide, coordinated cap-and-trade system supported by the levying of source taxes on capital income—to spoil the resource owners' appetite for financial assets. Only if we can shift our focus from local demand to worldwide supply policies for reducing carbon emissions, Sinn argues, will we have a chance of staving off climate disaster.

Routledge Handbook of Water Economics and Institutions

Author : Kimberly Burnett
Publisher : Routledge
ISBN 13 : 1317916247
Total Pages : 524 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis Routledge Handbook of Water Economics and Institutions by : Kimberly Burnett

Download or read book Routledge Handbook of Water Economics and Institutions written by Kimberly Burnett and published by Routledge. This book was released on 2014-12-05 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growing scarcity of freshwater worldwide brings to light the need for sound water resource modeling and policy analysis. While a solid foundation has been established for many specific water management problems, combining those methods and principles in a unified framework remains an ongoing challenge. This Handbook aims to expand the scope of efficient water use to include allocation of sources and quantities across uses and time, as well as integrating demand-management with supply-side substitutes. Socially efficient water use does not generally coincide with private decisions in the real world, however. Examples of mechanisms designed to incentivize efficient behavior are drawn from agricultural water use, municipal water regulation, and externalities linked to water resources. Water management is further complicated when information is costly and/or imperfect. Standard optimization frameworks are extended to allow for coordination costs, games and cooperation, and risk allocation. When operating efficiently, water markets are often viewed as a desirable means of allocation because a market price incentivizes users to move resources from low to high value activities. However, early attempts at water trading have run into many obstacles. Case studies from the United States, Australia, Europe, and Canada highlight the successes and remaining challenges of establishing efficient water markets.

ECOS 2012 The 25th International Conference on Efficiency, Cost, Optimization and Simulation of Energy Conversion Systems and Processes (Perugia, June 26th-June 29th, 2012)

Download ECOS 2012 The 25th International Conference on Efficiency, Cost, Optimization and Simulation of Energy Conversion Systems and Processes (Perugia, June 26th-June 29th, 2012) PDF Online Free

Author : Umberto Desideri
Publisher : Firenze University Press
ISBN 13 : 8866553220
Total Pages : 3218 pages
Book Rating : 4.8/5 (665 download)

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Book Synopsis ECOS 2012 The 25th International Conference on Efficiency, Cost, Optimization and Simulation of Energy Conversion Systems and Processes (Perugia, June 26th-June 29th, 2012) by : Umberto Desideri

Download or read book ECOS 2012 The 25th International Conference on Efficiency, Cost, Optimization and Simulation of Energy Conversion Systems and Processes (Perugia, June 26th-June 29th, 2012) written by Umberto Desideri and published by Firenze University Press. This book was released on 2012 with total page 3218 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 8-volume set contains the Proceedings of the 25th ECOS 2012 International Conference, Perugia, Italy, June 26th to June 29th, 2012. ECOS is an acronym for Efficiency, Cost, Optimization and Simulation (of energy conversion systems and processes), summarizing the topics covered in ECOS: Thermodynamics, Heat and Mass Transfer, Exergy and Second Law Analysis, Process Integration and Heat Exchanger Networks, Fluid Dynamics and Power Plant Components, Fuel Cells, Simulation of Energy Conversion Systems, Renewable Energies, Thermo-Economic Analysis and Optimisation, Combustion, Chemical Reactors, Carbon Capture and Sequestration, Building/Urban/Complex Energy Systems, Water Desalination and Use of Water Resources, Energy Systems- Environmental and Sustainability Issues, System Operation/ Control/Diagnosis and Prognosis, Industrial Ecology.

ECONOMICS INTERACTIONS WITH OTHER DISCIPLINES – Volume II

Author : John M. Gowdy
Publisher : EOLSS Publications
ISBN 13 : 1848260385
Total Pages : 322 pages
Book Rating : 4.8/5 (482 download)

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Book Synopsis ECONOMICS INTERACTIONS WITH OTHER DISCIPLINES – Volume II by : John M. Gowdy

Download or read book ECONOMICS INTERACTIONS WITH OTHER DISCIPLINES – Volume II written by John M. Gowdy and published by EOLSS Publications. This book was released on 2009-10-14 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics Interactions with Other Disciplines is the component of Encyclopedia of Development and Economic Sciences in the global Encyclopedia of Life Support Systems (EOLSS), which is an integrated compendium of twenty one Encyclopedias. The Theme on Economics Interactions with Other Disciplines reflects the new interdisciplinary approach of economists, focusing on the issues of health and the environment. The chapters range from standard applications of economic theory to more radical approaches. These two volumes are aimed at the following five major target audiences: University and College Students Educators, Professional Practitioners, Research Personnel and Policy Analysts, Managers, and Decision Makers, NGOs and GOs.

The Economics of the Environment and Natural Resources

Author : Quentin Grafton
Publisher : John Wiley & Sons
ISBN 13 : 1405142340
Total Pages : 520 pages
Book Rating : 4.4/5 (51 download)

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Book Synopsis The Economics of the Environment and Natural Resources by : Quentin Grafton

Download or read book The Economics of the Environment and Natural Resources written by Quentin Grafton and published by John Wiley & Sons. This book was released on 2008-04-15 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of the Environment and Natural Resourcescovers the essential topics students need to understandenvironmental and resource problems and their possible solutions.Its unique lecture format provides an in-depth exploration ofdiscrete topics, ideal for upper-level undergraduate, graduate ordoctoral study. Each chapter depicts the key theoretical insights,major issues, and real-life problems that motivate the subject. Inaddition, the chapters feature practical applications and casestudies, a list of annotated further reading, and extensivereferences. Offers broad treatment of issues in Environmental and ResourceEconomics. Provides in-depth exploration of a wide range of topics withits unique lecture format. Depicts key theoretical insights, major issues, and real-lifeproblems for each subject. Features case studies, annotated further reading, extensivereferences, and a detailed glossary.

Dynamic Modeling

Author : Bruce Hannon
Publisher : Springer
ISBN 13 : 3662259893
Total Pages : 247 pages
Book Rating : 4.6/5 (622 download)

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Book Synopsis Dynamic Modeling by : Bruce Hannon

Download or read book Dynamic Modeling written by Bruce Hannon and published by Springer. This book was released on 2013-12-21 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Natural Resource Economics

Author : Jon M. Conrad
Publisher : Cambridge University Press
ISBN 13 : 1108606202
Total Pages : 362 pages
Book Rating : 4.1/5 (86 download)

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Book Synopsis Natural Resource Economics by : Jon M. Conrad

Download or read book Natural Resource Economics written by Jon M. Conrad and published by Cambridge University Press. This book was released on 2020-01-30 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mathematical analysis is key to the modeling and management of natural resources. By presenting required mathematical methods, classic dynamic models for non-renewable and renewable resources, and by exploring several contemporary problems, this text provides a foundation for advanced research. Topics include seminal models in fishery, forestry and non-renewable resource management, as well as an extensive collection of contemporary applications that include the optimal transition from fossil fuels to clean energy, the optimal timing of interventions to save endangered species, pest control and the optimal management of antibiotic resistance. Deterministic and stochastic models in both discrete and continuous time are covered. The book encourages students to pursue a deeper understanding of the analytics of resource problems and to deploy numerical methods when analytical results prove intractable. The combination of analysis, theory and applications will launch the next generation of resource economists, while serving as a useful reference for established researchers.

Sustainable Macroeconomics, Climate Risks and Energy Transitions

Author : Unurjargal Nyambuu
Publisher : Springer Nature
ISBN 13 : 3031279824
Total Pages : 204 pages
Book Rating : 4.0/5 (312 download)

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Book Synopsis Sustainable Macroeconomics, Climate Risks and Energy Transitions by : Unurjargal Nyambuu

Download or read book Sustainable Macroeconomics, Climate Risks and Energy Transitions written by Unurjargal Nyambuu and published by Springer Nature. This book was released on 2023-05-30 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the industrialized world’s historical dependence on fossil fuel-based energy resources and the now-realized perils of moving beyond the earth’s carbon budget, this book explores the myriad challenges of climate change and in reaching a low-carbon economy. Reconciling the medium-term competing, yet frequently complementary, needs for transition policies, the book provides guidelines for complex and often conflicting climate policy tasks. The book presents empirical trends in the use of carbon-emitting resources and evaluates market-driven short-termism and its adverse impact on resource use and the environment; it emphasizes a medium-term macroeconomic perspective for the transition. The authors attempt a paradigm shift towards a framework of sustainable macroeconomics. They survey relevant historical models, conduct empirical and numerical analyses of the climate change-relevant dynamic models, provide empirical illustrations, and evaluate diverse policy options and implementations together with their historical evolution. New analytical issues are also considered, e.g., strategic behavior in the energy and resource sectors, energy competition and the dynamics of market shares in new energy technology, and supporting policies for dealing with the tipping points encountered in climate change. The authors suggest a multitude of market-based strategies and public fiscal, monetary, and financial policies, and longer-run planning for resource extraction -all suitable for driving sustainable growth and a transformation of the energy sector. The book also examines the multiple delaying forces slowing the transition to a low-carbon economy; these typically arise from short-termism, lock-ins, irreversibility, leakages, non-cooperative games, and other political strategies. Thus, they explain the snail’s pace evolution of current national and global climate policies. The book will appeal to scholars and students of economics and environmental science. It is also relevant for policymakers and practitioners in multilateral institutions, research institutions as well as governments and ministries of countries interested in alternative energy sources, climate economists, and those who study the implementation of sustainable and low carbon-based policies.

Modeling Dynamic Economic Systems

Author : Matthias Ruth
Publisher : Springer Science & Business Media
ISBN 13 : 1461422094
Total Pages : 324 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Modeling Dynamic Economic Systems by : Matthias Ruth

Download or read book Modeling Dynamic Economic Systems written by Matthias Ruth and published by Springer Science & Business Media. This book was released on 2012-02-08 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the dynamic processes in economic systems, concentrating on the extraction and use of the natural resources required to meet economic needs. Sections cover methods for dynamic modeling in economics, microeconomic models of firms, modeling optimal use of both nonrenewable and renewable resources, and chaos in economic models. This book does not require a substantial background in mathematics or computer science.