A regression discontinuity approach to measuring the effectiveness of oil and natural gas regulation to address the common-pool externality |
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| Institution: | 1. 8317 Freret Street, New Orleans, LA 70118, United States;2. School of Social Science, Humanities, and Arts, University of California, Merced, 5200 North Lake Rd., Merced, CA 95343, United States;1. College of Optoelectronic Engineering, Shenzhen Key Laboratory of Sensor Technology, Shenzhen University, Shenzhen 518060, China;2. College of Electronic Science and Technology, Shenzhen University, Shenzhen 518060, China;3. Collage of Physics and Energy, Shenzhen Key Laboratory of Sensor Technology, Shenzhen University, Shenzhen 518060, China;4. The Electronic Communication Department, Shenzhen Institute of Information Technology, Shenzhen 518172, China;5. The Chinese University of Hong Kong (Shenzhen), Shenzhen 518172, China;1. Laboratory of Animal Health, Embrapa Pecuaria Sudeste, Rodovia Washington Luiz, Km 234, 13560-970, Sao Carlos, Sao Paulo, Brazil;2. Eberhard-Karls-Universität Tübingen, CEPR and CESifo, Dept. of Economic History, Mohlstrasse 36, D-72074, Tübingen, Germany;1. Division of Health Policy and Management, College of Health Science, Korea University, Seoul, South Korea;2. Interdisciplinary Program in Precision Public Health, Department of Public Health Sciences, Graduate School of Korea University, Seoul, South Korea;3. Harvard Center for Population and Development Studies, Cambridge, MA, USA;4. Department of Social and Behavioral Sciences, Harvard TH Chan School of Public Health, Boston, MA 02115, USA |
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| Abstract: | Oil and natural gas reservoirs typically span multiple productive leases so that no owner has rights to the entire stock of resource, resulting in production externalities. Previous literature has examined the effectiveness of government regulation in Texas and Oklahoma in abating these externalities, finding Oklahoma to be more successful in unifying common pools and securing property rights. Using regression discontinuity design, we quantify the impact of regulatory difference between the two states. We find that Oklahoma produces an average of 3361 more barrels of oil over the life of a well, relative to Texas. Given the maturity of the fields in question, the result underscores the continuing importance of addressing common pool externalities even after the primary phase of recovery has largely been completed. |
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| Keywords: | Common pool resource Oil Natural gas Regression discontinuity design |
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