报告题目：Exhaustible Resources with production adjustment costs

报告时间：2016年1月31日14：00

报告地点：览秀楼105学术报告厅

报 告 人：秦聪，新加坡国立大学

报告摘要:

We develop a general equilibrium model of exhaustible resources with production adjustment costs and show that Hotelling‘s rule does not hold in the presence of adjustment costs. Demand uncertainty combined with adjustment costs can naturally explain many economic phenomena observed in the real markets, such as backwardation and contango. Exploration can generate a U-shaped price profile, while the adjustment costs will significantly prolong the period of price staying at the bottom. Compared with the model by Carlson, Khokher and Titman (2007), our model is not only more analytically tractable but also gives rise to some economic phenomena in a more significant fashion.