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Coal Policy and Energy Economics

Richard L. Gordon

Year: 1980
Volume: Volume 1
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No1-8
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Abstract:
With the flurry of legislation in 1977 further inhibiting coal consumption and production, it became apparent to many observers that coal had joined oil, gas, and nuclear energy as a tightly regulated industry. Since by now this observation has been widely dissemi-nated, it seems most appropriate here only to summarize the nature of the barriers and their obvious implications. Then emphasis can be placed on the perspectives that economic analyses can provide for evaluating the issues.



Biomass Energy Economics

John R. Benemann

Year: 1980
Volume: Volume 1
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No1-11
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Abstract:
The energy crisis has become a permanent fixture in our lives. It is apparent that the brief era, roughly 1920-1970, of rela-tively low and declining fuel costs is over for good. The world economic system must adjust to a new era of high-cost fuels, supply dislocations, and transition to new energy sources. Large uncertainties exist about the future availability, production costs, and market prices of the conventional fuels-oil, gas, and coal. Even greater uncertainties exist about the costs of the alternative energy sources-nuclear power and renewable resources, principally solar. As more information becomes available, nuclear power is constantly required to increase its safety level, becoming ever more expensive. The high-risk, very large, very long-term capital



Still a Time to Choose ...Ten Years Later

S. David Freeman

Year: 1983
Volume: Volume 4
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-2
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Abstract:
I think it is appropriate that we should end this conference on energy economics with a look at the record of the past nine years, the years since the energy world was turned upside down by the 1973 Arab oil embargo.This nation's foremost energy accomplishment of this period has not been in achieving increased production. Despite a tenfold increase in the price of crude oil, U.S. production in 1981 was about the same as in 1973. Natural gas production was down. Production of coal and uranium has gone up some, but overall, neither consumption nor domestic production of energy has increased in the last nine years.



Perspectives on nonparametric and Semiparametric Modeling

Adonis Yatchew

Year: 2008
Volume: Volume 29
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol29-NoSI-2
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Abstract:
Nonparametric regression techniques hold out the promise of more flexible modeling of data in many areas of physical, biological and social sciences. However, their use is hampered by the "curse of dimensionality" which imposes enormous data requirements as the number of explanatory variables increases. After summarizing two of the most commonly used methods for mitigating the �curse�, this paper outlines a new approach which exploits data on derivatives. In economics, such circumstances arise in the joint estimation of cost and factor demand functions, or when production function data are combined with data on factor prices. The ideas are illustrated using empirical examples from energy economics.



Introduction

Ying fan and Adonis Yatchew

Year: 2016
Volume: Volume 37
Number: China Special Issue
DOI: 10.5547/01956574.37.SI1.yfan
No Abstract



Oil Price Uncertainty and M&A Activity

Samuel D. Barrows, Magnus Blomkvist, Nebojsa Dimic, and Milos Vulanovic

Year: 2023
Volume: Volume 44
Number: Number 4
DOI: 10.5547/01956574.44.4.sbar
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Abstract:
This study examines the impact of oil price uncertainty on mergers and acquisition (M&A) activity in the oil and gas sector. Analyzing this industry enables us to construct a natural forward-looking measure of oil price uncertainty, namely the implied crude oil volatility. Using a sample of U.S. firms in the oil and gas sector from 1994-2018 containing 4,323 announced transactions, we document that oil price uncertainty is negatively related to future M&A activity. Uncertainty is mainly a driver of horizontal and vertical M&A activity, where upstream firms are more affected by this uncertainty than downstream firms. Our results lend support to a real options explanation of investment under uncertainty where firms choose to defer investments as a response to increased uncertainty.



Oil Price Uncertainty and IPOs

Magnus Blomkvist, Nebojsa Dimic, and Milos Vulanovic

Year: 2023
Volume: Volume 44
Number: Number 6
DOI: 10.5547/01956574.44.6.mblo
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Abstract:
We examine the impact of oil price uncertainty on IPO volume in the oil and gas sector. By using the implied volatility of oil options, a forward-looking uncertainty measure, we identify the effect of uncertainty on the going-public decision. Oil price uncertainty exhibits a strong negative relation to IPO volume. A one standard deviation decrease in the implied volatility results in a 29% increase in the number of quarterly IPOs. The effect is concentrated among the price-sensitive upstream producers. We further report that uncertainty positively impacts the IPO withdrawal decision and increases the value of postponing the offering.





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