WORLD PETROLEUM RESOURCE ESTIMATES AND PRODUCTION FORECASTS: IMPLICATIONS FOR GOVERNMENT POLICY

Resource estimates alone will not give advance warning of encroaching production difficulties. An analysis of the general stages in the evolution of petroleum production and discovery and of industry statistics provides an estimate of when the stage characterised by increasing production in the market economy countries outside the United States and Canada will end. The analysis indicates that the year of maximum production will be in the 1990s. Economic growth aggravates the difficulties accompanying the production decline by advancing the date of peak production and by increasing the adjustments that must be made as oil production declines. Des prévisions de ressources à elles seules ne constituent pas des signes précurseurs de difficultés croissantes de production. Une analyse des étapes générales marquant l'evolution de la découverte et de la production du pétrole ainsi que des statistiques industrielles nous permet de prévoir l'époque à laquelle prendra fin la phase de production accrue dans les pays à économie de marché en dehors des Etats-Unis et du Canada. Cette analyse révèle que l'année de production maximale se situera dans les années 90. La croissance économique accentue les difficultés qui accompagnent le déclin de la production de pétrole en avancant la date à laquelle cell-ci atteindra son plafond et en augmentant le nombre d'ajustements qui s'avèrent nécessaires au fur et à mesure qu'elle baisse. Las evaluaciones de recursos no dan por si solas un aviso anticipado de las dificultades de producción. Un análisis de las etapas principales en la evolución del descubrimiento y producción de petróleo y de las estadísticas industriales provee un estimado de cuando va a terminar la etapa caracterizada por un crecimiento de producción en los paises de economias de mercado otros que Estados Unidos y Canada. El análisis indica que el año de producción máxima se hallará en la década del 90. El crecimiento económico agrava las dificultades debidas a la declinación de la producción al adelantar la fecha de máxima producción (pico) y al aumentar los ajustes que deven hacerse cuando la producción de petróleos disminuye.     

International competitive displacement from environmental control The quantitative gains from methodological refinement

This paper demonstrates empirically the gain from adopting more general equilibrium approaches in projecting the effects on domestic output and international trade of environmental controls. The suggested models include a partial equilibrium case where all industries are treated independently, an intermediate case incorporating effects in supplying industries, and general equilibrium formulations based on alternative macroeconomic conditions. U. S. data is used to evaluate these models. Under both pollutor pays and subsidy financing schemes, moving from the simplest case to the intermediate model results in quite different industry projections. Including macroeconomic factors appears particularly important in the classical setting.     

A note on natural production functions

Two techniques are presented for estimation of natural animal populations, both of which may incorporate the effect of pollutants on populations. Both techniques assume specific underlying population dynamics which may not be applicable to certain species or ecosystems. However, both techniques allow for testing the hypothesis that the population dynamics specified is applicable. The techniques are used to criticize two recent empirical investigations of fisheries.     

Intertemporal and intergenerational pareto efficiency: A comment

In a recent issue of this Journal, Sandler and Smith developed an analysis from which they concluded that discounting is Pareto inefficient in an intertemporal context. This comment questions the validity of that conclusion and demonstrates the essential role played by the discount rate in achieving intertemporal Pareto efficiency within a market economy.