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| Oil   | R Documentation   |
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Oil Investment
--------------

Description
~~~~~~~~~~~

a cross-section from 1969 to 1992

*number of observations* : 53

*observation* : production units

*country* : United Kingdown

Usage
~~~~~

::

    data(Oil)

Format
~~~~~~

A dataframe containing :

dur
    duration of the appraisal lag in mounths (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 pt-pt-1 on a constant

p97
    adaptative 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 adaptative expectations (with parameter
    theta=0.97) for real after tax oil prices measured as the squared
    recursive standard errors of the regression of pt on pte(theta)

p98
    adaptative 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 adaptative expectations (with parameter
    theta=0.98) for real after tax oil prices measured as the squared
    recursive standard errors of the regression of pt on pte(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://jae.wiley.com/jae/ <http://jae.wiley.com/jae/>`_.

See Also
~~~~~~~~

``Index.Source``, ``Index.Economics``, ``Index.Econometrics``,
``Index.Observations``
