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On Bid Disclosure in OCS Wildcat Auctions

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Author Info
Nicolas Melissas () (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

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Abstract

I study a game in which two players first bid for offshore tracts (below which oil and gas may be present) and next time their drilling decisions. High types bid more aggressively if the auctioneer discloses bids as this gives them useful information about the profitability of drilling. A low type fears that the disclosure of her "low" bid reduces the other player's incentive to drill. Hence, they bid more aggressively if the auctioneer does not disclose bids. If players are sufficiently patient, it is optimal to disclose bids. Otherwise, it may be optimal not to disclose them.

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Publisher Info
Paper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number 0905.

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Length: 38 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:cie:wpaper:0905

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Postal: Camino a Sta. Teresa 930, Mexico, D.F. 10700
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Web page: http://cie.itam.mx/
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Related research
Keywords: Information Externality; Oil Exploration; Waiting; War of attrition;

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Find related papers by JEL classification:
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
Q49 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Other

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