On the use of modern asset pricing for comparing alternative royalty systems for petroleum development projects

Energy Journal

Volumn 19, Issue 1, 1998, Pages 47-81

  Bradley, Paul G ^a  

^a UNIVERSITY OF BRITISH COLUMBIA   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

DEMONSTRATIONS; EVALUATION; MODELS; OIL FIELD DEVELOPMENT; RISKS;

MODERN ASSET PRICING; PETROLEUM DEVELOPMENT PROJECTS;

PETROLEUM INDUSTRY;

EID: 0031703664     PISSN: 01956574     EISSN: None     Source Type: Trade Journal    
DOI: 10.5547/ISSN0195-6574-EJ-Vol19-No1-3     Document Type: Article

References (8)

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2. Duffie, D. and C. Huang (1985). "Implementing Arrow-Debreu equilbria by continuous trading of a few long-lived securities," Econometrica 53: 1337-1356.
3. Kemp, A.G., D. Rose and G. K. Kellas (1988). "Petroleum Development Investment Risks and Fiscal Systems: A Comparative Study of the UK, Norway, Denmark, and the Netherlands" North Sea Study Occasional Paper No. 26, Department of Economics, University of Aberdeen (January).
4. Laughton, D.G. (1997). Private Communication.
5. Merton, R.C. (1977). "On the Pricing of Contingent Claims and the Modigliani-Miller Theorem," Journal of Financial Economics 5: 241-249.
6. Merton, R.C. (1982). "On the Mathematics and Economic Assumptions of Continuous-Time Models," In W. Sharpe and C. Cootner, eds. Financial Economics: Essays in Honor of Paul Cootner Prentice-Hall.
7. Press, W.H., B.P. Flannery, S.A. Teukolsky, and W.T. Vetterling (1988). Numerical Recipes in C Cambridge.
8. Salahor, G. (1998). "Implications of Output Price Risk and Operating Leverage for the Evaluation of Petroleum Development Projects," The Energy Journal 19(1). This issue.