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Auctioning Long-term Gas Contracts in Colombia

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Abstract

This paper presents an approach to auctioning long-term gas contracts in Colombia. I propose an annual auction for long-term firm gas contracts. The auction would assign and price all firm gas contracts, with the exception of gas from the Guajira field, which is assigned administratively at a regulated price. The proposal is a partial market design in that it does not address the transportation of gas from producer to consumer.

Suggested Citation

  • Peter Cramton, 2008. "Auctioning Long-term Gas Contracts in Colombia," Papers of Peter Cramton 08gm, University of Maryland, Department of Economics - Peter Cramton, revised 2008.
    • Handle: RePEc:pcc:pccumd:08gm
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    File URL: https://www.cramton.umd.edu/papers2005-2009/cramton-gas-market.pdf
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    References listed on IDEAS

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    1. Cramton, Peter, 1998. "Ascending auctions," European Economic Review, Elsevier, vol. 42(3-5), pages 745-756, May.
    2. Lawrence M. Ausubel & Peter Cramton, 2004. "Auctioning Many Divisible Goods," Journal of the European Economic Association, MIT Press, vol. 2(2-3), pages 480-493, 04/05.
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    More about this item

    Keywords

    Auctions; gas auctions;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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