The Role of Information in U.S. Offshore Oil and Gas Lease Auctions
AbstractThis paper describes the U.S. offshore oil and gas lease sales conducted by the Department of the Interior since 1954. Several decision variables are discussed, including bidding for leases, the government's decision whether to accept the highest bid, the incidence and timing of exploratory drilling, and the formation of bidding consortia. Equilibrium models of these decisions that emphasize informational and strategic issues and that account for institutional features of the leasing program are analyzed and their predictions compared to outcomes in the data. Copyright 1995 by The Econometric Society.
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Bibliographic InfoPaper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1008.
Date of creation: Sep 1992
Date of revision:
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Other versions of this item:
- Porter, Robert H, 1995. "The Role of Information in U.S. Offshore Oil and Gas Lease Auctions," Econometrica, Econometric Society, vol. 63(1), pages 1-27, January.
- Robert H. Porter, 1992. "The Role of Information in U.S. Offshore Oil and Gas Lease Auctions," NBER Working Papers 4185, National Bureau of Economic Research, Inc.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Random Reservation Prices and Bidding Behavior in OCS Drainage Auctions,"
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- R. Preston McAfee & Daniel Vincent, 1992.
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977, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- McAfee, R Preston & Vincent, Daniel, 1992. "Updating the Reserve Price in Common-Value Auctions," American Economic Review, American Economic Association, vol. 82(2), pages 512-18, May.
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- Hendricks, Kenneth & Porter, Robert H, 1988. "An Empirical Study of an Auction with Asymmetric Information," American Economic Review, American Economic Association, vol. 78(5), pages 865-83, December.
- Thaler, Richard H, 1988. "Anomalies: The Winner's Curse," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 191-202, Winter.
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