@article{Massetti:96495,
      recid = {96495},
      author = {Massetti, Emanuele and Sferra, Fabio},
      title = {A Numerical Analysis of Optimal Extraction and Trade of  Oil under Climate Policy},
      address = {2010-11},
      number = {838-2016-55749},
      series = {SD},
      pages = {52},
      year = {2010},
      abstract = {We introduce endogenous investments for increasing  conventional and non-conventional oil extraction capacity  in the integrated assessment model WITCH. The international  price of oil emerges as the Nash equilibrium of a  non-cooperative game. When carbon emissions are not  constrained, oil is used throughout the century, with  unconventional oil taking over conventional oil from  mid-century onward. When carbon emissions are constrained,  oil consumption drops dramatically and the oil price is  lower than in the BaU. Unconventional oil is not extracted.  Regional imbalances in the distribution of stabilisation  costs are magnified and the oil-exporting countries bear,  on average, costs three times larger than in previous  estimates.},
      url = {http://ageconsearch.umn.edu/record/96495},
      doi = {https://doi.org/10.22004/ag.econ.96495},
}