Lecture_17 - Empirical Applications of the Hotelling Model...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
Empirical Applications of the Hotelling Model 1. (Looking forward) Simulation of energy sector: “Endogenous Substitution among Energy Resources and Global Warming,” by Chakravorty, Roumasset, and Tse. 2. (Looking backward) Statistical analysis of mineral prices: “Trends in Natural- Resource Commodity Prices,” by Margaret Slade.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Application 1 “Endogenous Substitution among Energy Resources and Global Warming,” by Chakravorty, Roumasset, & Tse, published in Journal of Political Economy. Energy resources in the study Crude oil Coal Natural gas Solar (backstop resource) Simulates the global economy for several hundred years in the future
Background image of page 2
Empirical Application (cont.) Model elements Global energy demand Extraction costs Resource stocks Interest rate (2%) Deposits of different quality Backstop resource
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Crude Oil
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Coal
Background image of page 6
Natural Gas
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Solar Energy for Electricity (backstop)
Background image of page 8
Solar Energy Scenarios: Assumptions about cost of solar-based electricity
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/03/2008 for the course ECON 472 taught by Professor Moore during the Winter '08 term at University of Michigan.

Page1 / 27

Lecture_17 - Empirical Applications of the Hotelling Model...

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online