User cost in oil production
The assumption of an initial fixed mineral stock is superfluous and wrong. User cost (resource rent) in mineral production is the present value of expected increases in development cost. It can be measured as the difference between in-ground market value and development cost, or estimated approximat...
| Main Authors: | , , |
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| Format: | Working Paper |
| Published: |
MIT Center for Energy and Environmental Policy Research
2009
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| Online Access: | http://hdl.handle.net/1721.1/50153 |