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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Natural resource licensing under hidden exploration and private costs 1: University of Helsinki, Finland; 2: International Institute for Applied Systems Analysis, Austria This paper designs optimal nonrenewable resource licensing contract under both hidden action and hidden information, when the resource deposit must be explored before it can be extracted. The owner of the resource rights aims to obtain maximal resource revenues, but is unable to observe the exploration effort and the production cost of the firm. We show that under these two information asymmetries, the optimal licensing contract involves two license fees: one is collected before and the other after exploration and discovery. The optimal contract collects the same amount of revenue and includes the same distortions to the firm's decisions to explore and to build capacity as the contract with observable exploration. When the model is interpreted as resource taxation problem, we show that resource rent taxes are not neutral under unobservable exploration and cost, and that the only neutral tax is the one that collects revenue in a lump-sum manner before exploration. At best, this neutral tax collects less revenue than the optimal design. | |