Rent Royalties*

Abstract

On neutrality grounds, royalties designed to tax only the economic rent of mining or petroleum operations are preferable to royalty schemes currently used in Australia. The Resource Rent type of royalty generally has a predictable but asymmetrical effect on the probability distribution of the net present value of projects being considered for investment. This effect is independent of the characteristics of individual projects, and so with appropriate selection of the operating parameters, this royalty scheme would not greatly affect the screening of projects for investment purposes.

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