The search for oil in the USA An econometric approach |
| |
| Affiliation: | 1. School of Economics and Finance, Hankou University, Wuhan 430212, China;2. Graduate School of Economics, The University of Tokyo, Tokyo 1138654, Japan;3. School of Business, Macau University of Science and Technology, Macau 999078, China;4. Innovation, Policy, and Entrepreneurship Thrust, Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China;1. School of Environment and Natural Resources, Renmin University of China, Beijing 100872, China;2. School of Economics and Business Administration, Chongqing University, Chongqing 400030, China;1. Guangzhou Institute of International Finance, Guangzhou University, Guangzhou 510006, China.;2. School of Economics and Statistics, Guangzhou University, Guangzhou 510006, China.;3. College of Finance, Hunan University of Technology and Business, Changsha 410205, China. |
| |
| Abstract: | The USA has dominated the international oil scene both as a consumer and a producer for as long as anyone wishes to remember. That it will remain a major consumer is beyond doubt. Whether it will remain a major producer for very much longer depends on how hard the search becomes for the dwindling amount of oil that remains to be found. This paper addresses the question of what kind of forces determine the exploration and production effort that has been expended and the success rate connected with this effort. The model presented is a dynamic econometric model of the exploration and production process in the USA, specified in continuous time and estimated by way of a suitable discrete approximation over the period 1938–1982. The paper shows it is possible to explain the search for oil in the USA in terms of a combination of economic behavioural functions, lag schemes, and linking identities. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
