haku: @author Parsons, J. / yhteensä: 6
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| Tekijä: | Hampson, Ph. Parsons, J. Blitzer, Ch. |
| Otsikko: | A case study in the design of an optimal production sharing rule for a petroleum exploration venture ! Grossman and Hart |
| Lehti: | Journal of Financial Economics
1991 : NOV, VOL. 30:1, p.45-67 |
| Asiasana: | CASE STUDIES OIL INDUSTRY PUBLIC SECTOR PRIVATE SECTOR PRODUCTIVITY AGREEMENTS PRODUCTION CONTROL CONTRACTS REGULATIONS |
| Kieli: | eng |
| Tiivistelmä: | To improve on the design of the production-sharing rule in a contract for exploration and development negotiated between a state-owned oil resources authority and a USA oil company, the Grossman and Hart (1983) principal-agent model is used. In the original contract, the company was granted a share of production as an incentive to maximize the net return to the authority. The optimal sharing rule developed here, increases the expected return to the authority by 6 percent by improving the company's incentives to choose an optimal exploration program. |
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