National wealth can be divided into real capital, financial capital, human capital and natural resource wealth. We use the National Accounts measures to illustrate the development of the wealth from 1930 to 1995, with special focus on the contribution from the natural resources. Norway is often...

In absence of joint global action, many jurisdictions take unilateral steps to reduce carbon emissions, and the usual strategy is to restrict domestic demand for fossil fuels. The impact on global emissions of such demand side policies is found by accounting for carbon leakage, i.e. changes in...

The Arctic has a substantial share of global petroleum resources, but at higher costs than in most other petroleum provinces. Arctic states and petroleum companies are carefully considering the potential for future extraction in the Arctic. This paper studies the oil and gas supply from 6 arctic...

We perform an empirical analysis of the extent to which ongoing technological change through R&D activity has offset the effect of ongoing depletion on the cost of finding additional reserves of oil in eight global regions. We introduce a finding cost function that among other factors depends on...

This article discusses how different climate policy instruments such as CO₂ taxes and renewable energy subsidies affect the profitability of fossil-fuel production, given that a fixed global climate target shall be achieved in the long term. Within an intertemporal framework, the model analyses...

How to stabilize the CO<Subscript>2</Subscript> concentration in the atmosphere depends crucially on baseline assumptions of future economic growth, energy demand and supply technologies, etc. In this paper we investigate how different assumptions about the future affect the necessary global policy measures to reach...</subscript>

This paper discusses the construction and computation of a quality adjusted price index when the commodities are differentiated products, such as different brands of automobiles and refrigerators. The method we focus on is an extension of Trajtenberg’s approach. A key result obtained in the...

We develop an econometric model for firm exit, using stochastic dynamic programming (SDP) as a starting point. According to SDP, the value of an operating firm can be written as the sum of (i) the net present value of continuing production if the firm is committed to a future exit date, and (ii)...

We examine estimation of a model of producer behavior in the presence of correlated measurement errors in the regressors. Scale economies and price-cost margins are estimated from a set of panel data for manufacturing plants. The paper presents a somewhat new model for estimation of these...

This paper develops aggregate relations for a matching market of heterogeneous suppliers and demanders. The point of departure is the analysis of two-sided matching found in Roth and Sotomayor (1990). Under particular assumptions about the distribution of preferences, the present paper derives...