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dc.contributor.authorAastveit, Knut Are
dc.contributor.authorBjørnland, Hilde C.
dc.contributor.authorGundersen, Thomas S.
dc.date.accessioned2022-11-15T07:21:45Z
dc.date.available2022-11-15T07:21:45Z
dc.date.issued2022
dc.identifier.isbn978-82-8379-252-2
dc.identifier.issn1502-8190
dc.identifier.urihttps://hdl.handle.net/11250/3031787
dc.description.abstractWe show that shale oil producers respond positively to favourable oil price signals, and that this response is mainly associated with the timing of production decisions through well completion and refracturing, consistent with the Hotelling theory of optimal extraction. This finding is established using a novel proprietary data set consisting of more than 200,000 shale wells across ten U.S. states spanning almost two decades. We document large heterogeneity in the estimated responses across the various shale wells, suggesting that aggregation bias is an important issue for this kind of analysis. Our empirical results call for new models that can account for a growing share of shale oil in the U.S., the inherent flexibility of shale extraction technology in production and the role of shale oil in transmitting oil price shocks to the global economy.en_US
dc.language.isoengen_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesWorking paper;10/2022
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectoil priceen_US
dc.subjectshale oil supplyen_US
dc.subjectwell-level panel dataen_US
dc.subjectJEL: C23en_US
dc.subjectJEL: Q41en_US
dc.subjectJEL: Q43en_US
dc.titleThe Price Responsiveness of Shale Producers: Evidence from Micro Dataen_US
dc.typeWorking paperen_US
dc.description.versionpublishedVersionen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US
dc.source.pagenumber34en_US


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Med mindre annet er angitt, så er denne innførselen lisensiert som Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal