Aggressive oil extraction and precautionary saving: coping with volatility

Aggressive oil extraction and precautionary saving: coping with volatility

The effects of stochastic oil demand on optimal oil extraction paths and tax, spending and government debt policies are analyzed when the oil demand schedule is linear and preferences quadratic. Without prudence, optimal oil extraction is governed by the Hotelling rule and optimal budgetary policies...

書誌詳細
第一著者:	Van der Ploeg, R
フォーマット:	Working paper
出版事項:	University of Oxford 2009

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