This paper develops a methodology to assess the expectations of oil companies managers regarding future oil prices implied in the acquisition of reserves. The method is applied to a sample of farm-ins and farm-outs of developed onshore oil fields in the US from 1979 to 2004, where we make...

Better mechanisms are needed for evaluating important market and non-market effects of large technological programmes that are not properly captured by existing methods. This paper presents a framework that permits the direct and indirect economic effects from large R&D programmes to be...