No abstract

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="color: black; font-size: 10pt; mso-themecolor: text1;"><span style="font-family: Times New Roman;">This paper uses empirical evidence to examine whether people take more risk for their own potential loss/gain and less risk for other people&rsquo;s potential loss/gain or vice versa.<span style="mso-spacerun: yes;">&nbsp; </span>An experiment is described wherein participants had the option of taking different risks in exchange for their own benefit and the benefit of others.<span style="mso-spacerun: yes;">&nbsp; </span>Results indicate that subjects take a statistically significant higher level of risk for themselves as individuals than they do when other&rsquo;s payoffs are at stake. <span style="mso-spacerun: yes;">&nbsp;</span>This indicates that people are less risk averse in making decisions for themselves and more risk averse in making decisions that affect others.<span style="mso-spacerun: yes;">&nbsp; </span>However, when the amount of reward is increased, the findings change.<span style="mso-spacerun: yes;">&nbsp; </span>The purpose of the experiment is to find a better explanation for how government-owned businesses or large corporations work, where anecdotal evidence suggests much less innovation and risk taking takes place compared to small proprietary firms.<span style="mso-spacerun: yes;">&nbsp; </span></span></span></p>

No abstract

No abstract

An important concern of OPEC's work is to be able to understand how much supply of oil exists in different countries, in order to help better conserve oil. This paper extends M. King Hubbert's oil production and discovery forecasting model (Hubbert, 1962), using a non-time-series cumulative discovery and production quadratic Hubbert curve and structural shift variables to model technology and regulation changes. The model can be used to determine better world oil supplies. Price is tested, to see how powerful it is for increasing or decreasing oil supply. Using a trend of cumulative production, instead of time, will help to better fix the supply elasticity with respect to price, which is shown to be very inelastic. An interesting question is whether cumulative discovery or production constitutes an I(2) variable. This paper explains that they are not I(2) variables.