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Divide and conquer: multiple leasing in common pool oil fields

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  • Lasheng Yuan
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    Abstract

    A theoretic model is developed to analyse strategic leasing behaviours of U.S. landowners in a non-exclusively owned common oil pool. Oil field development is modelled as a simultaneous-move two-stage non-cooperative game. The landowners choose leasing strategies in the first stage; independent lease operators choose extraction strategies in the second. Ownership structure is distinguished from operation structure and their relationship analyzed. It is shown that, in a non-exclusively owned oil field, it is individually rational for a landowner to subdivide his landholding and delegate production rights to multiple independent firms, although more dispersed production control leads to heavier common pool losses.

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    Bibliographic Info

    Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

    Volume (Year): 35 (2002)
    Issue (Month): 1 (February)
    Pages: 36-51

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    Handle: RePEc:cje:issued:v:35:y:2002:i:1:p:36-51

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    Cited by:
    1. Martzoukos, Spiros H. & Zacharias, Eleftherios, 2013. "Real option games with R&D and learning spillovers," Omega, Elsevier, vol. 41(2), pages 236-249.
    2. Boyce, John R. & Nøstbakken, Linda, 2011. "Exploration and development of U.S. oil and gas fields, 1955-2002," Journal of Economic Dynamics and Control, Elsevier, vol. 35(6), pages 891-908, June.

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