Aslaksen et al. (1990) concluded that the petroleum wealth of Norway, and hence the permanent income from petroleum extraction, was as uncertain as the yearly oil revenues. Their conclusion was based on wealth estimates using official price projections, with no independent empirical analysis of...

The aim of this paper is to examine the impacts of a global carbon tax on fossil fuel markets. In particular, the effect on the Norwegian, as well as the global, petroleum wealth is studied. Most empirical models of fossil fuel markets either use an exogenous price path, or model the supply side...

In this paper we ask whether OPEC still gains from cartelisation in the oil market despite low producer prices and a modest market share. We apply two intertemporal equilibrium models of the global oil market; one consisting of a cartel and a fringe, and one describing a hypothetical competitive...

In this paper we focus on how an international climate treaty will influence the exploration of oil in Non-OPEC countries. We present a numerical intertemporal global equilibrium model for the fossil fuel markets. The international oil market is modelled with a cartel (OPEC) and a competitive...

After the U.S. and Australian withdrawal from the Kyoto Protocol, and the extension of national quotas in the Bonn- and Marrakesh-agreements, meager environmental effects and a low price of emission permits is likely to be the outcome of implementation. This paper provides an analysis of these...

Ian Castles and David Henderson have criticized IPCC's Special Report on Emissions Scenarios (SRES) (IPCC, 2000) for using market exchange rates (MER) instead of purchasing power parities (PPP) when converting regional GDP into a common denominator. The consequence is that poor countries...

All Annex B parties but Russia, Australia and USA, have ratified the Kyoto Protocol so far. It is still an open question whether Russia will ratify and secure that the Protocol enters into force. This paper therefore analyzes consequences of some proposed alternatives if the Russians decide not...

We apply a multi-equation dynamic econometric model on monthly data to test if the behaviour of OPEC as a whole or different sub-groups of the cartel is consistent with the characteristics of dominant producers on the world crude oil market in the period 1973-2001. Our results indicate that the...

One of the proposed alternatives to Kyoto's cap-and-trade approach is a regime based on an internationally harmonized carbon tax. In this paper, we consider and compare the enforcement problems associated with a tax regime and a cap-and-trade regime, respectively. The paper tries to convey two...

We use a two-period model to investigate intertemporal effects of cost reductions in climate change mitigation technologies for the power sector. With imperfect climate policies, cost reductions related to carbon capture and storage (CCS) may be more desirable than comparable cost reductions...