{"title":"Oil import fees with exemptions: An empirical examination","authors":"J. Sweeney","doi":"10.1016/0165-0572(90)90032-E","DOIUrl":"https://doi.org/10.1016/0165-0572(90)90032-E","url":null,"abstract":"","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"84 1","pages":"215-239"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76172988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The aggregate production profile for U.S. crude oil","authors":"Daniel S. Christiansen, David B. Reister","doi":"10.1016/0165-0572(90)90003-2","DOIUrl":"10.1016/0165-0572(90)90003-2","url":null,"abstract":"<div><p>In this paper the aggregate production profile for U.S. crude oil is estimated for the period 1961 to 1985. When reserve data is used, a significant lag is found between the time that reserves are added and production peaks. This long lag can be attributed to a system of production controls that existed until about 1970. When the profile is re-estimated over the period from 1970 to 1985, there is a much shorter period between reserve additions and peak production. An alternative approach based on drilling data gives similar results for the entire sample period but different results for the subperiod 1970–1985. Factors that are responsible for the general shapes of the profiles are discussed</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 4","pages":"Pages 337-355"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90003-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82396531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Optimal resource extraction under stochastic terms of trade","authors":"Axel Behrens","doi":"10.1016/0165-0572(90)90001-Y","DOIUrl":"https://doi.org/10.1016/0165-0572(90)90001-Y","url":null,"abstract":"<div><p>This paper examines the optimal extraction of an exhaustible resource owned by a small open economy, when the terms of trade faced by this country follow an exogenous given time path that is subject to stochastic fluctuations. First, we will see that if the functions involved in the first-order conditions are non-linear, the optimal extraction path is changed due to uncertainty. A ‘certainty-equivalence’ solution would not bring out this result. Second, the ability of this country to withhold production in times when it's not profitable to deplete the resource (due to stochastic fluctuations of the terms of trade), provides an incentive to slow down the rate of production under uncertainty.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 4","pages":"Pages 321-327"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90001-Y","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136556301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An econometric analysis of paper and wastepaper markets","authors":"John A. Edgren, Kemper W. Moreland","doi":"10.1016/0165-0572(90)90035-H","DOIUrl":"10.1016/0165-0572(90)90035-H","url":null,"abstract":"<div><p>The U.S. Federal government and many state governments have developed policies to encourage the recycling of wastepaper. In order to examine the effectiveness and efficiency of these policies the present paper does three things. First, we describe the U.S. market for wastepaper, with particular attention to price behavior. Second, we calculate recycling rates, and note that despite wide swings in price, recycling rates have changed little. Last we estimate an econometric model of paper and wastepaper markets to calculate price elasticities of supply and demand. We find these elasticities to be very small. This finding calls into question the effectiveness of government policy.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 3","pages":"Pages 299-319"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90035-H","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90512657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Spectral analysis of the relationship between energy consumption, employment, and business cycles","authors":"Umit Erol, Eden S.H. Yu","doi":"10.1016/0165-0572(90)90006-5","DOIUrl":"10.1016/0165-0572(90)90006-5","url":null,"abstract":"<div><p>Through the use of cross-spectral techniques, we identify the dependence of U.S. industrial energy consumption on the industrial production index and total non-farm employment over business cycles. In particular, total energy consumption, mainly due to its industrial component, responds to changes in the production index. It is found that the industrial demand for energy is fairly sensitive to business cycles, while the household energy consumption and transportationsector energy consumption are not significantly affected by the expansion and contraction phases of the economy. In addition, there is a significant degree of correlation between the total non-farm employment and energy consumption over the business cycle frequencies. The evidence indicates a simultaneous response of employment and energy consumption to business cycle movements of the production index and suggests neutrality between energy and labor employment.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 4","pages":"Pages 395-412"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90006-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88444874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Richard T. Newcomb, Stanley S. Reynolds, Thomas A. Masbruch
{"title":"Changing patterns of investment decision making in world aluminum","authors":"Richard T. Newcomb, Stanley S. Reynolds, Thomas A. Masbruch","doi":"10.1016/0165-0572(90)90034-G","DOIUrl":"10.1016/0165-0572(90)90034-G","url":null,"abstract":"<div><p>A dynamic rational expectations model of production and investment under uncertainty reveals that conventional analysis of aluminum industry patterns of trade and investment may be based on industrial policy rather than competitive comparative advantages. When applied in a two-region model using data from 1952 to 1980, and projected forward from 1980 to 2000, new capacity investment occurs in North America, which exports the excess over domestic consumption to Europe. This result differs markedly from conventional forecasts which have predicted declines in North American investment. A five-region static model confirms that North American comparative advantages, largely Canadian, exist under free trade conditions, and capacities grow with demands in Latin America and the Pacific Basin, while Europe loses market share. This indicates that barriers to the free trade of product and subsidies may be distorting investment patterns, incorrectly implying that patterns in world aluminum investment will abandon developed areas, especially North America, for developing regions.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 3","pages":"Pages 261-297"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90034-G","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74969977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Resource extraction and investments in production capital under non-stationary interest rates","authors":"Trond E. Olsen","doi":"10.1016/0165-0572(90)90004-3","DOIUrl":"10.1016/0165-0572(90)90004-3","url":null,"abstract":"<div><p>We characterize the optimal investment and extraction program for a firm whose discount factor has a non-stationary interest rate. Such discount functions arise naturally in cases where the firm's horizon is uncertain. For the assumed production technology, all investments in physical capital will be concentrated up front if the interest rate is stationary. Under non-stationary interest rates, investments may be delayed, and we provide a partial characterization of the discount functions which yield this result.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 4","pages":"Pages 357-369"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90004-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80559773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Oil import fees with exemptions","authors":"James L. Sweeney","doi":"10.1016/0165-0572(90)90032-E","DOIUrl":"https://doi.org/10.1016/0165-0572(90)90032-E","url":null,"abstract":"<div><p>This paper reviews and quantifies arguments for and against oil import fees. It concludes that expected exemptions from the fee imply that net economic costs to the U.S. of a fee would exceed economic benefits. In addition, welfare losses from a large fee would greatly exceed losses normally associated with instruments designed to raise tax revenues. Coupled with the noneconomic assessment, the economic analysis suggests that the adoption of an oil import fee would be poor public policy.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 3","pages":"Pages 215-239"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90032-E","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91994279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The optimal choice of inputs under time-of-use pricing and fixed-proportions technology","authors":"Gary Fethke, Asher Tishler","doi":"10.1016/0165-0572(90)90033-F","DOIUrl":"10.1016/0165-0572(90)90033-F","url":null,"abstract":"<div><p>In this paper we describe the optimal choice of capital, labor and electricity during a representative day of a firm operating under time-of-use (TOU) pricing of electricity and labor. The objective of the firm is to minimize production costs over the day subject to a given output level and several scheduling constraints on the availability of capital and labor. While the underlying theoretical production process of the firm may be ‘flexible’, possibly with substantial substitution among the inputs, most firms find it difficult if not impossible to specify the production process analytically. Thus, we assume that the technology is represented by a set of fixed-proportions activities. This representation is easy to apply in actual situations since the optimal choice of inputs can be formulated as a linear programming (LP) problem. Our analysis shows that the use of a small number of fixed-proportions production activities can result in a good approximation of the optimum. The LP formulation is applied to data sets for two manufacturing firms, and the optimal quantities of output and inputs are close to those actually observed.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 3","pages":"Pages 241-259"},"PeriodicalIF":0.0,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90033-F","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73042536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}