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Exploration decisions and firms in the mineral industries

Energy Economics

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Abstract

The purpose of this paper is to demonstrate how physical characteristics of deposits and results of past exploration enter future exploration decisions. A proposed decision model is presented that is consistent with a set of primitive probabilistic assumptions associated with deposit size distributions and discoverability. Analysis of optimal field exploration strategy showed the likely firm responses to alternative exploration taxes and effects on the distribution of future discoveries. Examination of the probabilistic elements of the decision model indicates that changes in firm expectations associated with the distribution of deposits cannot be totally offset by changes in economic variables. ?? 1981.

Additional Publication Details

Publication type:
Article
Publication Subtype:
Journal Article
Title:
Exploration decisions and firms in the mineral industries
Series title:
Energy Economics
Volume
3
Issue:
2
Year Published:
1981
Language:
English
Larger Work Type:
Article
Larger Work Subtype:
Journal Article
Larger Work Title:
Energy Economics
First page:
105
Last page:
112
Number of Pages:
8