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Information Externalities In Oil And Gas Leasing

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  • JEFFREY J. LElTZlNGER
  • JOSEPH E. STIGLITZ

Abstract

This paper discusses the theory and measurement of information externalities in oil and gas leasing. A study of leases issued in the Gulf of Mexico reveals significant positive information externalities resulting from prior development of adjoining leases. According to a recent court decision, these effects provide an added consideration in the determination of a "fair and equitable" division of revenues from federal tracts adjoining state lands, as required by the 1978 amendments to the Outer Continental Shelf Lands Act Copyright 1984 Western Economic Association International.

Suggested Citation

  • JEFFREY J. LElTZlNGER & JOSEPH E. STIGLITZ, 1984. "Information Externalities In Oil And Gas Leasing," Contemporary Economic Policy, Western Economic Association International, vol. 2(5), pages 44-57, March.
  • Handle: RePEc:bla:coecpo:v:2:y:1984:i:5:p:44-57
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-7287.1984.tb00777.x
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    References listed on IDEAS

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    1. Robert B. Wilson, 1967. "Competitive Bidding with Asymmetric Information," Management Science, INFORMS, vol. 13(11), pages 816-820, July.
    2. Edward Miller, 1973. "Some Implications of Land Ownership Patterns for Petroleum Policy," Land Economics, University of Wisconsin Press, vol. 49(4), pages 414-423.
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    Cited by:

    1. Gary Charness & Dan Levin, 2009. "The Origin of the Winner's Curse: A Laboratory Study," American Economic Journal: Microeconomics, American Economic Association, vol. 1(1), pages 207-236, February.

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