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- W2094471330 abstract "In this paper, a standard exploration activities model is modified and applied to time series, data from deep seabed mining of a group of minerals where the number of patents is used as a proxy, for the level of mineral exploration activities. In addition to the rational expectations model, price, expectations formation for mineral prices is decomposed into trend and cyclical components using the, HP-filter method. Estimated parameters from the supply and cost functions are used to determine the, shadow price of the minerals. The non-linear instrumental variables estimator is employed to estimate, the exploration activities function. While the rational expectations model shows the importance of, current prices on exploration efforts, the HP-filter model suggests that firms concentrate on the trend, in prices rather than the short-run cyclical fluctuations. Also, while the U.S. refusal to ratify the LOSC, has increased the legal uncertainties surrounding the management of ocean resources and reduced the, incentive to engage in exploration activities, the passage of the ISA's main legislative accomplishment, regarding regulation of the explorations for polymetallic nodules appear to have made a positive effect." @default.
- W2094471330 created "2016-06-24" @default.
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- W2094471330 date "1988-06-01" @default.
- W2094471330 modified "2023-09-23" @default.
- W2094471330 title "Alternative regimes for the exploitation of manganese nodules and their impacts" @default.
- W2094471330 cites W2806774976 @default.
- W2094471330 doi "https://doi.org/10.1016/0161-8938(88)90008-7" @default.
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