NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Effect of Uncertainty on Investment: Evidence from Texas Oil Drilling

Ryan Kellogg

NBER Working Paper No. 16541
Issued in November 2010

---- Acknowledgements -----

I am grateful for financial support from the OpenLink Fund at the Coleman Fung Risk Management Center. I thank Maximilian Auffhammer, Ruediger Bachmann, Robert Barsky, Severin Borenstein, Lutz Kilian, Kai-Uwe Kühn, Jeffrey Perloff, Robert Pindyck, Matthew Shapiro, and Catherine Wolfram for helpful comments, and I am also grateful for suggestions from numerous seminar and conference participants. I thank Reid Dorsey-Palmateer, Tay Feder, and Haili Pang for excellent research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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