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Title of Journal: Empir Econ

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Abbravation: Empirical Economics

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Springer Berlin Heidelberg

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DOI

10.1007/bf02645345

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1435-8921

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Comment on “Optimal dynamic production from a lar

Authors: Islam Rizvanoghlu
Publish Date: 2015/11/13
Volume: 51, Issue: 3, Pages: 1281-1288
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Abstract

This paper extends the study by Gao et al Empir Econ 37153–184 2009 which models the profitmaximizing dynamic oil production from a large oil field in Saudi Arabia by using an engineering model of oil extraction Although it gives an important insight about the dynamics of oil production by examining and comparing different scenarios for exogenous variables it assumes perfect knowledge and foresight about the future However the production decision might not be based on different scenarios but rather on different expectations about the future Therefore we propose to extend the model by incorporating uncertainty arising from a random arrival date of a new backstop technology that will enable the production of a perfect substitute for oil We find that the optimal production path has a different dynamic under this new specification that may explain the less aggressive extraction behavior of the producer before 2000 which was concluded to be economically irrational by Gao et al 2009

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  2. Estimating the efficiency of general practitioners controlling for case mix and outlier effects
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  7. Convergence in per-capita GDP across European regions: a reappraisal
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  11. The missing trade of China: balls-and-bins model
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  14. Politics, stock markets, and model uncertainty
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  16. Savings and investments in the OECD: a panel cointegration study with a new bootstrap test
  17. Evaluating the state of competition and the welfare losses in the Greek manufacturing sector: an extended Hall–Roeger approach
  18. Joint estimation of the Lerner index and cost efficiency using copula methods
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