Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Dynamic games in resource management and climate policy Location: Lab 1 Session Chair: Arnaud Zlatko Dragicevic, Chulalongkorn University | |
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Licensing resource exploitation with endogenous and privately known reserves University of Helsinki, Finland We design optimal mechanism to collect revenues from nonrenewable resource exploitation, when the resource must be explored and discovered and when there is asymmetric information. The exploration effort may result in a discovery that is revealed only to the firm, and the effort is not observed by the owner. We first show that often applied royalties and rent taxes distort exploration and extraction. Second, compared to the case without any pricing of the resource exploitation, the optimal mechanism requires richer discoveries to yield a reserve, induces less exploration, and results in lower production capacity and extraction. | |