DOUBLE MORAL HAZARD IN BUY-BACK OIL CONTRACTS

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ASKARI MOHAMMAD MAHDI; MABOUDI HAMIDREZA

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Paper Information

Journal: IRANIAN ENERGY ECONOMICS Year:2017 | Volume:6 | Issue:22 Page(s): 107-132

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Information Journal Paper

Title

DOUBLE MORAL HAZARD IN BUY-BACK OIL CONTRACTS

Author(s)

ASKARI MOHAMMAD MAHDI | MABOUDI HAMIDREZA | Issue Writer Certificate

Keywords

BUY-BACK OIL CONTRACTSQ1

DOUBLE MORAL HAZARDQ1

CUBB-DOUGLAS FUNCTIONQ2

Abstract

This research is modeling third generation of buy back oil contracts by considering a DOUBLE MORAL HAZARD and employing Cubb-Douglas production function. The result shows that BUY-BACK OIL CONTRACTS are not in the first best or second best in double moral situation. Ove to this type of contracts is a cost plus contract and the payoff of the contractor is fixed, in DOUBLE MORAL HAZARD the production is affected by the level of action of both parties, for nearing to the optimum point. Hence, the contract should be the long-term and the pay off of the project should be shared between parties.

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APA: Copy

ASKARI, MOHAMMAD MAHDI, & MABOUDI, HAMIDREZA. (2017). DOUBLE MORAL HAZARD IN BUY-BACK OIL CONTRACTS. IRANIAN ENERGY ECONOMICS, 6(22 ), 107-132. SID. https://sid.ir/paper/244840/en

Vancouver: Copy

ASKARI MOHAMMAD MAHDI, MABOUDI HAMIDREZA. DOUBLE MORAL HAZARD IN BUY-BACK OIL CONTRACTS. IRANIAN ENERGY ECONOMICS[Internet]. 2017;6(22 ):107-132. Available from: https://sid.ir/paper/244840/en

IEEE: Copy

MOHAMMAD MAHDI ASKARI, and HAMIDREZA MABOUDI, “DOUBLE MORAL HAZARD IN BUY-BACK OIL CONTRACTS,” IRANIAN ENERGY ECONOMICS, vol. 6, no. 22 , pp. 107–132, 2017, [Online]. Available: https://sid.ir/paper/244840/en

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