We study optimal oil extraction strategy and the value of an oil field using a multiple real option appraoch. Extracting a barrel of oil is similar to exercising a call option and optimal strategies lead to deferring production when oil prices are low and when volatility is high. We sow that, in...

The Deepwater Horizon incident demonstrated that most of the oil left is deep offshore or in other difficult to reach locations. Moreover, obtaining the oil remaining in currently producing reservoirs requires additional equipment and technology that comes at a higher price in both capital and...

This paper develops a model in which supply of a non-renewable resource can adjust through two margins: the rate of depletion and the rate of field opening. Faster depletion of existing fields means that less of the resource can ultimately be extracted, and optimal depletion of open fields...

El concepto de capital natural ha sido usado con frecuencia entre los economistas ambientales y ecológicos para denotar la incidencia de las existencias físicas que alimentan el flujo de recursos naturales. En principio, la enunciación de esta categoría podría atribuirse a Herman E. Daly en...

En este trabajo se propone realizar una aproximación a la valoración económica de los recursos carboníferos de Colombia, procurando tener como marco teórico los métodos tradicionales de valoración de recursos minerales tales como el de valor presente neto; el modelo de Hoskold; el modelo...

Are efficiency improvements in the use of natural resources the key for sustainable development, are they the solution to environmental problems, or will second round effects - so-called rebound effects - compensate or even overcompensate potential savings, will they fire back? The answer to...

This paper evaluates the effectiveness of five payment for ecosystem service (PES) schemes at meeting conservation objectives when the spatial configuration is important in meeting desired landscape patterns. The five PES schemes are: 1) fee-simple acquisition; 2) subsidies; 3) tradable...

Private lands have an important role in the success of the Endangered Species Act (ESA). The current command-andcontrol approach to protecting species on private land has resulted in disincentives to the landowner, which have decreased the ability of the ESA to protect many of our endangered and...

L’artisan est né en France (juridiquement) pendant la crise de 1929. L’objectif principal de ce texte est de faire le point sur l’histoire de l’artisanat depuis le moyen âge à nos jours. L’artisan pouvait ainsi être un serf au moyen âge, et est un entrepreneur aux 20-21ème...

One of the most pressing problems in the Latvian economy is related to the energy sector. The most characteristic feature is coupled with the low efficiency of thermal energy consumption of households as a result of poor insulation of existing buildings in Latvia. Solving energy sector problems...