Institute for Policy Integrity

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Publications

Viewing all publications in Natural Resources
  • Patience is a(n Economic) Virtue
    Academic Article/Working Paper

    Patience is a(n Economic) Virtue

    Real Options, Natural Resources, and Offshore Oil

    By Michael A. Livermore
    February 8, 2012

    Consideration of real options is necessary to maximize economic return from non-renewable natural resource extraction. But ecisions over drilling are often framed as a now-or-never choice, so the option to wait (or “real option” value) is improperly treated in administrative processes that determine whether, when, and how offshore oil resources will be tapped.

  • The BP Gulf Coast Oil Spill, Option Value and the Offshore Drilling Debate
    Report

    The BP Gulf Coast Oil Spill, Option Value and the Offshore Drilling Debate

    By Policy Integrity
    April 20, 2011

    One year after crude oil began gushing into the Gulf of Mexico, little action has been taken to prevent a similar disaster. A report authored by Gaia Larsen and Michael A. Livermore finds that overly simplistic economic analysis by the government may have helped lead to the accident.

  • Residual Risks
    Report

    Residual Risks

    The Unseen Costs of Using Dirty Oil in New York City Boilers

    By Kevin R. Cromar and Jason A Schwartz
    January 21, 2010

    In about 9,000 big apartment and commercial buildings in Manhattan, Brooklyn, Queens, and the Bronx, boilers burn a dirty fuel to heat their units. “Residual Risks” analyses the health, environmental, and economic benefits of switching away from this dirty fuel to cleaner alternatives like natural gas.