Oil {Ecdat}  R Documentation 
Oil Investment
Description
a crosssection from 1969 to 1992
number of observations : 53
observation : production units
country : United Kingdom
Usage
data(Oil)
Format
A dataframe containing :
 dur

duration of the appraisal lag in months (time span between discovery of an oil field and beginning of development, i.e. approval of annex B).
 size

size of recoverable reserves in millions of barrels
 waterd
depth of the sea in metres
 gasres

size of recoverable gas reserves in billions of cubic feet
 operator

equity market value (in 1991 million pounds) of the company operating the oil field
 p

real after–tax oil price measured at time of annex B approval
 vardp

volatility of the real oil price process measured as the squared recursive standard errors of the regression of codeptpt1 on a constant
 p97

adaptive expectations (with parameter theta=0.97) for the real after–tax oil prices formed at the time of annex B approval
 varp97

volatility of the adaptive expectations (with parameter theta=0.97) for real after tax oil prices measured as the squared recursive standard errors of the regression of
pt
onpte(theta)
 p98

adaptive expectations (with parameter theta=0.98) for the real after–tax oil prices formed at the time of annex B approval
 varp98

volatility of the adaptive expectations (with parameter theta=0.98) for real after tax oil prices measured as the squared recursive standard errors of the regression of
pt
onpte(theta)
Source
Favero, Carlo A., M. Hashem Pesaran and Sunil Sharma (1994) “A duration model of irreversible oil investment : theory and empirical evidence”, Journal of Applied Econometrics, 9(S), S95–S112.
References
Journal of Applied Econometrics data archive : http://qed.econ.queensu.ca/jae/.
See Also
Index.Source
, Index.Economics
, Index.Econometrics
, Index.Observations