Abstract
A dynamic multisectoral model for the U.K. economy is proposed, consisting of (i) a national model, (ii) a North-Sea oil discovery process sub-model and (iii) a nuclear fuel cycle. The complete estimated model was simulated stochastically and solved by using the stochastic version of the Pindyek algorithm, to derive an optimal development of the different energy options available to the U.K. over the expected life-cycle of North Sea oil and gas resources. The sensitivity of the results to changes in the international price of crude oil is considered.
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