How do unanticipated discoveries of oil fields affect the oil price?

Lisa Leinert

The Hotelling rule argues that the price for a nonrenewable resource adjusts to the shadow value of the resource, reflecting the remaining availability of the resource. We empirically test the Hotelling rule on the effect of unanticipated oil field discoveries. We do not find evidence for a significant adjustment of the price of crude oil to news about greater resource availability and therefore conclude that the price for crude oil does not follow the theoretically optimal price path.

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Year of publication:	[2010]
Authors:	Leinert, Lisa
Publisher:	Zürich : CER-ETH - Center of Economic Research at ETH Zurich
Subject:	Nonrenewable Resource \| Oil Price \| Exhaustible Resources \| Information Acquisition \| Erschöpfbare Ressourcen \| Exhaustible resources \| Fossile Energie \| Fossil fuel \| Ölpreis \| Oil price \| Erdölvorkommen \| Petroleum resources \| Hotelling-Regel \| Hotelling rule \| Theorie \| Theory

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Extent:	1 Online-Ressource (circa 15 Seiten)
Series:	Working papers of the Center of Economic Research at ETH Zurich. - Zürich : Inst., ZDB-ID 2099103-4. - Vol. 10, 140 (October 2010)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	10.3929/ethz-a-006184358 [DOI] hdl:10419/171583 [Handle]
Classification:	Q31 - Demand and Supply ; Q41 - Demand and Supply ; G14 - Information and Market Efficiency; Event Studies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10008748154