語系:
繁體中文
English
說明(常見問題)
登入
回首頁
切換:
標籤
|
MARC模式
|
ISBD
How Do Small Players Deduce Beliefs ...
~
University of Washington.
How Do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments.
紀錄類型:
書目-語言資料,手稿 : Monograph/item
正題名/作者:
How Do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments./
作者:
Fillebeen, Thomas.
面頁冊數:
1 online resource (119 pages)
附註:
Source: Dissertation Abstracts International, Volume: 78-02(E), Section: A.
Contained By:
Dissertation Abstracts International78-02A(E).
標題:
Economics. -
電子資源:
click for full text (PQDT)
ISBN:
9781369169782
How Do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments.
Fillebeen, Thomas.
How Do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments.
- 1 online resource (119 pages)
Source: Dissertation Abstracts International, Volume: 78-02(E), Section: A.
Thesis (Ph.D.)
Includes bibliographical references
Derivative markets enable firms to eliminate unwanted risk and, thereby, focus on their core competence. We ask whether small firms respond to changes in complex risk structures, using the emerging Texas shale oil industry. Unlike their conventional drilling counterparts, shale oil producers are small, with short production lead times and most revenue earned in two to three years. This exposes them to recent unprecedented volatility in product prices, production costs, and-in the Permian, pipeline transportation basis risk. We develop a real option model of their decision process, within which we measure firm responsiveness to volatility. To estimate revenue expectations, we use forward-looking time-varying beliefs deduced from futures and futures option prices. For costs, we use expectations about the evolution of production technology and forward-contracted transport capacity. Our results show that investment in new wells responds optimally not only to time-varying market price, but also to a second source of uncertainty: transportation basis. This demonstrates that even small firms are able to coordinate their production activity to integrate two sources of risk, impacting their investment returns. Lastly, we estimate the impact of the Nixon-era crude export ban, which became binding in August 2013, and caused US domestic crude price to fall below the world price, distorting US shale oil production revenue by $10.7B.
Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018
Mode of access: World Wide Web
ISBN: 9781369169782Subjects--Topical Terms:
555568
Economics.
Index Terms--Genre/Form:
554714
Electronic books.
How Do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments.
LDR
:02801ntm a2200361Ki 4500
001
908797
005
20180416072030.5
006
m o u
007
cr mn||||a|a||
008
190606s2016 xx obm 000 0 eng d
020
$a
9781369169782
035
$a
(MiAaPQ)AAI10162178
035
$a
(MiAaPQ)washington:15757
035
$a
AAI10162178
040
$a
MiAaPQ
$b
eng
$c
MiAaPQ
099
$a
TUL
$f
hyy
$c
available through World Wide Web
100
1
$a
Fillebeen, Thomas.
$3
1179101
245
1 0
$a
How Do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments.
264
0
$c
2016
300
$a
1 online resource (119 pages)
336
$a
text
$b
txt
$2
rdacontent
337
$a
computer
$b
c
$2
rdamedia
338
$a
online resource
$b
cr
$2
rdacarrier
500
$a
Source: Dissertation Abstracts International, Volume: 78-02(E), Section: A.
500
$a
Advisers: Christopher M. Anderson; Robert F. Halvorsen.
502
$a
Thesis (Ph.D.)
$c
University of Washington
$d
2016.
504
$a
Includes bibliographical references
520
$a
Derivative markets enable firms to eliminate unwanted risk and, thereby, focus on their core competence. We ask whether small firms respond to changes in complex risk structures, using the emerging Texas shale oil industry. Unlike their conventional drilling counterparts, shale oil producers are small, with short production lead times and most revenue earned in two to three years. This exposes them to recent unprecedented volatility in product prices, production costs, and-in the Permian, pipeline transportation basis risk. We develop a real option model of their decision process, within which we measure firm responsiveness to volatility. To estimate revenue expectations, we use forward-looking time-varying beliefs deduced from futures and futures option prices. For costs, we use expectations about the evolution of production technology and forward-contracted transport capacity. Our results show that investment in new wells responds optimally not only to time-varying market price, but also to a second source of uncertainty: transportation basis. This demonstrates that even small firms are able to coordinate their production activity to integrate two sources of risk, impacting their investment returns. Lastly, we estimate the impact of the Nixon-era crude export ban, which became binding in August 2013, and caused US domestic crude price to fall below the world price, distorting US shale oil production revenue by $10.7B.
533
$a
Electronic reproduction.
$b
Ann Arbor, Mich. :
$c
ProQuest,
$d
2018
538
$a
Mode of access: World Wide Web
650
4
$a
Economics.
$3
555568
650
4
$a
Finance.
$3
559073
650
4
$a
Natural resource management.
$3
1178831
655
7
$a
Electronic books.
$2
local
$3
554714
690
$a
0501
690
$a
0508
690
$a
0528
710
2
$a
ProQuest Information and Learning Co.
$3
1178819
710
2
$a
University of Washington.
$b
Economics.
$3
1179102
773
0
$t
Dissertation Abstracts International
$g
78-02A(E).
856
4 0
$u
http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10162178
$z
click for full text (PQDT)
筆 0 讀者評論
多媒體
評論
新增評論
分享你的心得
Export
取書館別
處理中
...
變更密碼[密碼必須為2種組合(英文和數字)及長度為10碼以上]
登入