|
EconStor >
Yale University >
Economic Growth Center (EGC), Yale University >
Center Discussion Papers, Economic Growth Center (EGC), Yale University >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/26999
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Engel, Eduardo M. R. A. | | en_US |
| dc.contributor.author | | Fischer, Ronald D. | | en_US |
| dc.date.accessioned | | 2009-08-06T09:44:42Z | | - |
| dc.date.available | | 2009-08-06T09:44:42Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/26999 | | - |
| dc.description.abstract | | The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a social cost that increases with the expropriated value. In this environment, the planner’s optimal contract avoids states with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable informational requirements. The bidding variable is a cap on the present value of discounted revenues, and the firm with the lowest bid wins the contract. The basic framework is extended to incorporate government subsidies, unenforceable investment effort and political moral hazard, and the general thrust of the results described above is preserved. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Yale Univ., Economic Growth Center New Haven, Conn. | | en_US |
| dc.relation.ispartofseries | | Center discussion paper // Economic Growth Center 960 | | en_US |
| dc.subject.jel | | Q33 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Taxation | | en_US |
| dc.subject.keyword | | mining | | en_US |
| dc.subject.keyword | | rent extraction | | en_US |
| dc.subject.keyword | | royalty | | en_US |
| dc.subject.keyword | | non-renewable natural resource | | en_US |
| dc.subject.keyword | | presentvalue-of-revenue auction | | en_US |
| dc.title | | Optimal resource extraction contracts under threat of expropriation | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 593377117 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Center Discussion Papers, Economic Growth Center (EGC), Yale University
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|