Modeling Mineral and Energy Markets

This text provides a framework for analyzing and forecasting a variety of mineral and energy markets and related industries. Such modelling activity has been at the forefront of the economic and engineering professions for some time, having received a major stimulus following the first oil price shock in 1973. The book seeks to advance mineral and energy modelling by first presenting the modelling process sequentially by leading the model builder from model specification, estimation, simulation, and validation to practical model applications, including exploring history, analyzing policy, and market and price forecasting. New developments in modelling approaches are then presented which encompass econometric market and industry models, spatial equilibrium and programming models, optimal resource depletion models, input-output models, economic sector models, and macro-oriented energy interaction models. The verification and application of the models is considered individually, and also in relation to the performance of alternative modelling approaches.The modelling framework includes a perspective on new directions, so that the present model-building advice can be extended into the future.