Crude by Rail, Option Value, and Pipeline Investment
NBER Working Paper No. 23855
---- Acknowledgments ----
We are grateful to the Sloan Foundation for generous financial support, and we thank seminar and conference participants at the 2017 NBER Hydrocarbon Infrastructure and Transportation Conference, 2018 AEA Meeting, 2018 NBER IO Summer Institute, 2018 Winter Marketing-Economics Summit, Iowa State University, Montana State University, Oberlin College, Pitt-CMU, Wharton, UBC, and UC Berkeley for valuable comments. We are grateful to Chris Bruegge for generously sharing code to process the STB waybill dataset and to Nathan Lash for valuable research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.