One for You, Three for Me: Or the Design of Optimal Production Sharing Rules for a Petroleum Exploration Venture (Classic Reprint) - Hardcover

Philip Hampson

9780666192622: One for You, Three for Me: Or the Design of Optimal Production Sharing Rules for a Petroleum Exploration Venture (Classic Reprint)

Hardcover

ISBN 10: 0666192626 ISBN 13: 9780666192622

Publisher: Forgotten Books, 2019

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Excerpt from One for You, Three for Me: Or the Design of Optimal Production Sharing Rules for a Petroleum Exploration Venture

The remainder of the paper proceeds as follows. In section 2 we analyze the oil exploration project using traditional capital budgeting techniques and we calculate the first best exploration and development decisions. In section 3 we fit the oil exploration contract problem to the grossman-hart Principal Agent model and in section 4 we present the derived optimal sharing rule. In section 5 we calculate the sharing rule that is implicit in the actual contract, and we compare it with the optimal sharing rule.

In section 6 we discuss the results and some problems raised by the analysis. Section 7 concludes.

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