Royalties.

What are the general principles involved in setting royalties? What are the specific goals of the
sellers? The buyers? What are the three market structures we see in oil, and what are the potential benefits
and problems with each? What variable will firms use to judge where to place their money? What problems can
lead to imperfect collection of royalties? How do royalties differ from taxes? Describe the recent history of the
gold royalty in Ghana? Is the formal royalty adequate?