Uncertainty and irreversible investment : an empirical analysis of development of oilfields on the UKCS
The aim of this paper is to analyse the implications of the theory of irreversible investment under uncertainty for investment in oilfields on the United Kingdom Continental Shelf (UKCS). We model the decision to proceed with the development investment as an optimal stopping problem and apply the es...
| Main Authors: | , , |
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| Format: | Working paper |
| Language: | English |
| Published: |
Oxford Institute for Energy Studies
1992
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