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题目：Exhaustible Resources with Production Adjustment Costs

报告人：Professor Steve Kou (新加坡国立大学)

时间：2017年5月5日(星期五)下午4：00—5：00

地点：致远楼102室

We develop a general equilibrium model of exhaustible resources with production adjustment costs based on singular control, and show that the classical Hotelling’s rule, which states that the prices of the exhaustible resources should grow at the risk-free rate, does not hold in the presence of adjustment costs; indeed, the adjustment costs can lead to a U-shaped price profile, while will significantly prolong the period of price staying at the bottom. This can help us to understand why the prices of some commodity, e.g. oil, can be quite low for a long period. In addition, our model can explain empirical phenomena observed in futures markets, such as backwardation and contango. This is a joint work with Min Dai and Cong Qin.

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