Tag: Excess Dependence

  • Depletion Policies for Oil-Exporting Developing Economies

    By: Y. Stournaras

    In modelling the behaviour of oil-exporting countries it is usually assumed that the objective is to maximize the present value of oil revenues evaluated at a vector of market clearing prices. Given the various assumptions on the relevant parameters (initial reserves, demand etc) and the market structure, this exercise gives an extraction policy or, what […]

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