Simulation based micro-founded structural market analysis : a case study of the copper industry
Name
1052616993-MIT.pdf
Description
Full printable version
Size
9.81 MB
Format
Adobe PDF
Checksum (MD5)
e23a2b5984b1f50879e1117328e3b358
Author(s)
Zhang, Jingshu, Ph. D. Massachusetts Institute of Technology
Advisor(s)
Joel Clark.
Alternative Title
Case study of the copper industry
Date Issued
2018
Publisher
Massachusetts Institute of Technology
Abstract
This work aims to provide a widely applicable modeling framework that can be used to credibly investigate materials scarcity risks for various types of commodities. Different from existing literature, this work contributes to a better understanding of commodity scarcity risk, specifically copper future consumption on several fronts. Firstly, it introduces an elaborate price mechanism absent in comparable materials flow assessment. It teases out short term and long term substitution, allowing consumers to switch from one type of commodity to another based on price signals and their respective price elasticities of demand. Secondly, the model allows for individual deposit tracking, which allows the modeler to extract ore grade information as a function of consumption and reserve size. Thirdly, it models the supply side on an agent-based basis, allowing for aggregation of granular information, capturing potential emergent phenomena. We believe these three aspects, which are least addressed (none of existing work has addressed the first aspect, and few have addressed the second or the third), are important in assessing scarcity risks. Without them, scarcity assessment is likely to be biased. We hope our work may serve as some sort of foundation upon which more reliable future work on mineral scarcity evaluation can be carried out.
Description
Thesis: Ph. D. in Engineering Systems, Massachusetts Institute of Technology, School of Engineering, Institute for Data, Systems, and Society, June 2018.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 102-115).
Subjects
Institute for Data, Systems, and Society.
MIT Department
Massachusetts Institute of Technology. Engineering Systems Division
Massachusetts Institute of Technology. Institute for Data, Systems, and Society
Terms of Use
MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission.
Persistent DSpace Link
