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Reserve Lifetime and Depletion in Exhaustible Resource Extraction Under Uncertainty
Department of Economics, Knut Wicksell Centre for Financial Studies, School of Economics and Management, Lund University, Lund, Sweden.
2014 (engelsk)Rapport (Annet (populærvitenskap, debatt, mm))
Abstract [en]

This paper studies the implications for reserve lifetime and related quantities in a continuous time model of resource extraction under uncertainty. Both the resource price and the extracted amount are assumed to follow stochastic processes. Reserve lifetime is determined by the profit-maximizing firms optimal decision of when to close down production. We derive closed form expressions for the expected value and the probability distribution of reserve lifetime, the expected level of depletion, and the expected streams of discounted revenues and costs until closing.

sted, utgiver, år, opplag, sider
SSRN , 2014. , s. 28
Serie
SSRN Working papers
Emneord [en]
Resource extraction, optimal stopping, reserve lifetime, depletion, real options
HSV kategori
Identifikatorer
URN: urn:nbn:se:oru:diva-76686DOI: 10.2139/ssrn.2362512OAI: oai:DiVA.org:oru-76686DiVA, id: diva2:1353884
Merknad

JEL Classification: Q30, G11, G13, M11, C61, C41, C44

Tilgjengelig fra: 2019-09-24 Laget: 2019-09-24 Sist oppdatert: 2019-09-24bibliografisk kontrollert

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Reserve Lifetime and Depletion in Exhaustible Resource Extraction Under Uncertainty(233 kB)129 nedlastinger
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Larsson, Karl

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