Description
a cross-section from 1969 to 1992 number of observations : 53
observation : production units
country : United Kingdown
Format
A dataframe containing :
- dur
- duration of the appraisal lag in mounths (time span between discovery of an oil field and beginning of development, i.e. approval of annex B).
- size
- size of recoverable reserves in millions of barrels
- waterd
- depth of the sea in metres
- gasres
- size of recoverable gas reserves in billions of cubic feet
- operator
- equity market value (in 1991 million pounds) of the company operating the oil field
- p
- real after--tax oil price measured at time of annex B approval
- vardp
- volatility of the real oil price process measured as the squared recursive standard errors of the regression of pt-pt-1 on a constant
- p97
- adaptative expectations (with parameter theta=0.97) for the real after--tax oil prices formed at the time of annex B approval
- varp97
- volatility of the adaptative expectations (with parameter theta=0.97) for real after tax oil prices measured as the squared recursive standard errors of the regression of pt on pte(theta)
- p98
- adaptative expectations (with parameter theta=0.98) for the real after--tax oil prices formed at the time of annex B approval
- varp98
- volatility of the adaptative expectations (with parameter theta=0.98) for real after tax oil prices measured as the squared recursive standard errors of the regression of pt on pte(theta)
Source
Favero, Carlo A., M. Hashem Pesaran and Sunil Sharma (1994) “A duration model of irreversible oil investment : theory and empirical evidence”, Journal of Applied Econometrics, 9(S), S95--S112.