We consider private provision of an environmental public good and the link between voluntary pollution-abatement markets and the optimal level of mandatory environmental regulation. We show that voluntary abatement markets react to the level of mandatory abatement imposed and that an optimal...

This payer presents a model framework and results that combine resource depletion with optimal economic growth and climate change in a macro-geoeconomic model. In doing so, the authors build upon the 'n Nordhaus DICE model to include the demands for coal, oil, and natural gas. These demands...

Geologic estimates ofremainingglobalpetroleum resourcesplace about 50% in the Persian Gulf. Production costs are estimated at $5 per barrel there, and $15 per barrel in the North Sea andAlaska. Using mathematical methods derivedfrom depletion theory, the present...

Can the economic theory of depletion be reconciled with low petroleum? This paper uses a revision of the theory, which reflects demand functions that rise in response to increasing world population and income. The magnitude of producers’ and consumers’ surplus is estimated under both...

In 2005, the Responsible Care (RC) program implemented a major structural change that mandated independent third party certification for all participants. The goal of this paper is to explore whether the introduction of mandatory third party certification has reduced accidents in RC facilities...

This paper reviews the evolution of the global oil market from the mid 20th century onwards. We analyze the unique “target price” framework brokered by the U.S. and Saudi Arabia in the mid 1980s. Over the 19 years of its life, this framework had been responsible for providing the world with...

Geologic estimates of remaining global petroleum resources place about 50% in the Persian Gulf. Production costs are estimated at $5 per barrel there, and $15 per barrel in the North Sea and Alaska. Using mathematical methods derived from depletion theory is utilized to explain the $15-$20 per...