We study the performance of many traditional and novel, text-based variables for in-sample and out-of-sample forecasting of oil spot, futures, and energy company stock returns, and changes in oil volatility, production, and inventories. After controlling for small-sample biases, we find evidence...

We develop equilibrium models of an exhaustible resource market where both prices and extraction choices are determined endogenously. Our analysis highlights a role for adjustment costs in generating price dynamics that are consistent with observed oil and gas forward prices as well as with the...

Open access, competitive exploitation can be incredibly damaging to valuable resources and the human populations that depend upon them. Even though wealth, resource rents and stocks are at stake, open access often seems to be ineffectively addressed across time and space. Institutions vary....

This paper examines the relative contributions of siting decisions and post-siting demo-graphic shifts to current disparities in exposure to polluting fossil-fuel plants in the United States. Our analysis leverages newly digitized data on power plant siting and operations from 1900-2020,...

The passage of landmark government regulation is often the culmination of evolving social pressure and incremental policy change. During this process, firms may preemptively adjust behavior in anticipation of impending regulation, making it difficult to quantify the overall economic impact of...

In 2019, production on federal lands comprised 40% of domestic coal, 22% of domestic oil, and 12% of domestic natural gas production. Currently, the federal fossil fuel leasing program does not consider the climate costs of burning federal fossil fuels. One way to do so is through a climate...

Legislation often empowers agencies to develop rules, but legal challenges may create uncertainty, thereby increasing firm costs, delaying policy objectives, and affecting externalities. This paper investigates policy uncertainty surrounding the Mercury and Air Toxics Standard, estimating a...

We study the timing-of-extraction problem facing a decentralized mine owner when extraction entails environmental damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the magnitude of the damage relative to these costs in the rest of...