Repeated Auctions of Franchises for Nonrenewable Resources
AbstractIn maximizing the net total government take from exploitation of nonrenewable natural resource endowments, the government faces the problem that extraction companies possess private information about extraction capacities (adverse selection). In a repeated auctions model, I show that it is optimal to deviate from bidding parity, even in the absence of moral hazard. The second period auction is biased to mitigate the externality problem that stems from intertemporal dynamics in extraction costs. Copyright 1996 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Regulatory Economics.
Volume (Year): 10 (1996)
Issue (Month): 2 (September)
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Web page: http://www.springerlink.com/link.asp?id=100298
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- Hayley Chouinard & Jonathan Yoder, 2006.
"Repeated Auctions with the Right of First Refusal,"
7, School of Economic Sciences, Washington State University, revised Jul 2007.
- Osmundsen, Petter, 2002. "Regulation of common property resources under private information about resource externalities," Resource and Energy Economics, Elsevier, vol. 24(4), pages 349-366, November.
- Osmundsen, Petter, 1999. "Risk sharing and incentives in norwegian petroleum extraction," Energy Policy, Elsevier, vol. 27(9), pages 549-555, September.
- Hayley Chouinard, 2006. "Repeated Auctions with the Right of First Refusal and Asymmetric Information," Working Papers 2006-6, School of Economic Sciences, Washington State University.
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