dynamic model of oil and gas exploration and development. The model predicts less of a decline in exploration activity than …

investors value reserves replacement as a result of exploration activities differently to reserves growth through acquisitions … be indifferent to reserves replacement strategy (exploration or acquisition). However, we find that changes in oil …

This paper provides a non-renewable resource extraction model with both technological change and resource exploration …. Especially, we consider two types of technology, extraction technology and exploration technology. We show how these technologies … revenue of extraction and resource price by changing the structure of those dynamics, while progress in exploration technology …