Designing optimal regulatory policy strategies for the oil industry
Identifieur interne : 002D17 ( Main/Exploration ); précédent : 002D16; suivant : 002D18Designing optimal regulatory policy strategies for the oil industry
Auteurs : Timothy Ch U Kalu [Nigeria]Source :
- Resources Policy [ 0301-4207 ] ; 1994.
Abstract
This paper identifies the problems of designing regulatory policy in the mineral resources industries and offers an alternative framework for overcoming such problems in the oil industry. But because there is currently no index for determining what combination of policy instruments to adopt to eliminate inefficiencies arising from the level of operation of producer firms, the paper proposes two indices - cost incentive policy effort (CIPE) and production incentive policy effort (PIPE) - that ensure that an optimal (most efficient) strategy in terms of requiring minimum effort and welfare loss is always chosen by policy makers. The indices indicate that optimal regulatory policy strategies are obtained by designing production increasing measures for accelerated cost firms, and cost increasing measures for accelerated production firms.
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DOI: 10.1016/0301-4207(94)90050-7
Affiliations:
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