When individual petroleum-producing firms make their exploration decisions, information externalities and extraction externalities may lead them to interact strategically with their neighbors. If they do occur, strategic interactions in exploration would lead to a loss in both firm profit and...

At the onset of the Great Depression, John Maynard Keynes made some startlingly optimistic predictions about the economic possibilities his grandchildren might face a century later. Within the next 100 years, Keynes proclaimed, technological progress would solve the economic problem facing human...

We model the economically optimal dynamic oil production decisions for seven production units (fields) on Alaska's North Slope. We use adjustment cost and discount rate to calibrate the model against historical production data, and use the calibrated model to simulate the impact of tax policy on...

In order to maximize profits, petroleum-producing firms make decisions that are dynamic and strategic in nature, and that take into account constraints imposed by the regulatory and institutional environment. This paper describes our research modeling, estimating and analyzing the efficiency of...

In order to maximize profits, petroleum-producing firms make decisions that are dynamic and strategic in nature, and that take into account constraints imposed by the regulatory and institutional environment. This paper describes our research modeling, estimating and analyzing the efficiency of...

This paper calculates the optimal gasoline tax for the state of California. According to our analysis, the optimal gasoline tax in California is $1.37/gallon, which is over 3 times the current California tax when excluding sales taxes. The Pigovian tax is the largest part of this tax, comprising...

We examine how gasoline price volatility impacts consumers' price elasticity of demand for gasoline. Results show that volatility in prices decreases consumer demand for gasoline in the intermediate run. We also find that consumers appear to be less elastic in response to changes in gasoline...