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Investor Behaviour and the Objectives
A Tax of Random Size Imposed at a Known Future Date
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allocation analysis asset N+l assumed assumption asymptotically backstop technology benchmark capital loss ceteris paribus characterization condition 42 contingent price Dasgupta Economic Studies elasticity of demand equilibrium evolution extraction profile extraction programme future given hazard rate implies imposition date increment individuals initial price instantaneous Institute for Energy intertemporal interval investor behaviour Khadr known with certainty Mabro magnitude market value maximizing mean-variance Nonrenewable Resource normally distributed numeraire asset Oil Price OPEC optimal outcome ownership shares p(St parameter period Pindyck portfolio post welfare optimum post-event regime price path price profile probability distribution production pt pt pt/pt<r quadratic approximation random variable rate of return rent tax resource depletion resource extraction resource owners resource price resource rent resource stock resource-owning firm resource-producing industry result Review of Economic risk aversion risk neutrality risk of fiscal risk-neutral risky asset safe rate solution tax changes tax-free total return uncertainty utility function variability Wiener process zero