UNITIZATION OF OIL RESERVES IN ALASKA AND THE SUPPLY ELASTICITY OF A COMMON POOL RESOURCE
Abstract
Unitization, a common but not omnipresent policy that is lauded in both the economics
and environmental worlds for its efficiency, attempts to solve the “tragedy of the
commons” common pool failure of oil production by creating a system in which all those
with interests in one reserve produce jointly and split profits accordingly. This
paper empirically demonstrates what other researchers have hypothesized – that unitization
reduces the elasticity of supply with respect to price. It then extrapolates to potential
impacts this policy could have on the environment at large by forecasting a future
production path based on the model from the previous section. Finally, it demonstrates
how unitization could slow the accumulation of greenhouse gases in the atmosphere.
Type
Honors thesisDepartment
EconomicsPermalink
https://hdl.handle.net/10161/5144Citation
Bailey, Emily (2012). UNITIZATION OF OIL RESERVES IN ALASKA AND THE SUPPLY ELASTICITY OF A COMMON POOL RESOURCE.
Honors thesis, Duke University. Retrieved from https://hdl.handle.net/10161/5144.Collections
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