Hotelling Under Pressure
收藏NBER2014-07-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w20280
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资源简介：
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
提供机构：
美国国家经济研究局
创建时间：
2014-07-01
