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Managing the Exploitation of Natural Assets: lessons for low income countries.

Abstract:

This paper provides an analytic review of the upstream aspects of the exploitation of natural resources: the assignment of ownership rights, taxation, the discovery process, extraction, renewability, and clean-up. It sets these issues within the principal-agent framework. It proposes that the present common system whereby governments sell extraction rights prior to discovery through signature bonuses is likely to be socially costly, since the sale of rights occurs at a stage where irreducible...

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Paul Collier More by this author
Anthony J Venables More by this author
Volume:
11
Series:
Research Papers
Publication date:
2008-11-05
URN:
uuid:54cd3c02-c41c-46fa-8847-7c6a5c370c74
Local pid:
oai:economics.ouls.ox.ac.uk:12974

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