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- W1569882940 abstract "In this thesis an empirical model for optimal production of North Sea oil is implemented for the purpose of evaluation in a contemporary context. The model was presented by Pesaran in 1990 and is one of dynamic optimization where a price-taking producer faces a maximization problem subject to constraints describing production conditions. The model along with some background research is initially presented in a quite extensive form. Later the generalized method of moments estimator is used to estimate the equations describing optimal production and exploration of oil. The model proofs to be relatively unsuccessful for the period 1989Q1-2008Q4 and the reason for the failure of it is argued to be implicit assumptions about the stationarity of real oil prices and the lack of cointegration between variables included." @default.
- W1569882940 created "2016-06-24" @default.
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- W1569882940 date "2011-01-01" @default.
- W1569882940 modified "2023-09-27" @default.
- W1569882940 title "Modeling North Sea oil production" @default.
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