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Petroleum Price Controls When Information Is a Joint Product

Isaac, R. Mark (1979) Petroleum Price Controls When Information Is a Joint Product. Social Science Working Paper, 251. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20171212-150650450

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Abstract

When price controls alter the production schedule from one crude oil property, they can indirectly alter production decisions at other properties not subject to controls, even if the two properties are not related by physical production or demand effects. This occurs if (i) the property under price controls produces information as a joint product, (ii) there is a jointness of information between the properties, and (iii) the existence of fixed costs of beginning development on the non-controlled property allows the availability of information to affect total equilibrium conditions.


Item Type:Report or Paper (Working Paper)
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Additional Information:Revised. Originally dated to April 1979. This paper was written while the author was a graduate assistant with the Caltech Energy Policy Program of the Caltech Environmental Quality Lab. Thanks for helpful comments to go Professors Roger Noll, Ronald Braeutigam James Quirk, Dr. David Montgomery and to an anonymous referee. The author is solely responsible for all remaining errors. Forthcoming Land Economics. Published as Isaac, R. Mark. "Petroleum price controls when information is a joint product." Land Economics 56.2 (1980): 181-187.
Group:Social Science Working Papers
Record Number:CaltechAUTHORS:20171212-150650450
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20171212-150650450
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83842
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:19 Dec 2017 22:51
Last Modified:19 Dec 2017 22:51

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