The by-product effect on metal markets - New insights to the price behavior of minor metals

被引：19

作者：

Afflerbach, Patrick ^{[1
]}

Fridgen, Gilbert ^{[2
]}

Keller, Robert ^{[1
]}

Rathgeber, Andreas W. ^{[3
]}

Strobel, Florian ^{[1
]}

机构：

[1] Univ Augsburg, FIM Res Ctr, D-86150 Augsburg, Germany

[2] Univ Bayreuth, FIM Res Ctr, D-95440 Bayreuth, Germany

[3] Univ Augsburg, Inst Mat Resource Management, D-86150 Augsburg, Germany

来源：

RESOURCES POLICY | 2014年 / 42卷

关键词：

Metal prices; Joint production; By-product; Co-product; Empirical test; Minor metals; CAPITAL INTENSITY; OIL; EXTRACTION;

D O I：

10.1016/j.resourpol.2014.08.003

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

We will examine price dependencies between primary products and co-products from metal markets. First, we develop an optimization model to determine the profit-maximizing extraction behavior of mining companies. With this model, we analyze how the companies optimally react to exogenous demand shocks on the metal markets, and how the prices of metallic primary products and their co-products are related to each other. This approach enables us to determine the basic conditions leading to price relationships. Second, we validate our theoretical findings on monthly metal prices from June 2009 to January 2013. We apply a linear regression model to analyze the price relationships of the primary products and their co-products and finally compare the results of our analysis to our model forecasts. (C) 2014 Elsevier Ltd. All rights reserved.

引用

页码：35 / 44

页数：10

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