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Risk Aversion, Risk Sharing, and Joint Bidding: A Study of Outer Continental Shelf Petroleum Auctions

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  • Steven W. Millsaps
  • Mack Ott

Abstract

Collusion and heterogeneity across firms may introduce asymmetry in bidding games. A major difficulty in asymmetric auctions is that the Bayesian Nash equilibrium strategies are solutions of an intractable system of differential equations. We propose a ...

Suggested Citation

  • Steven W. Millsaps & Mack Ott, 1985. "Risk Aversion, Risk Sharing, and Joint Bidding: A Study of Outer Continental Shelf Petroleum Auctions," Land Economics, University of Wisconsin Press, vol. 64(4), pages 372-386.
    • Handle: RePEc:uwp:landec:v:64:y:1985:i:4:p:372-386
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    Cited by:

    1. Jianfu Shen & Frederik Pretorius & Xin Li, 2019. "Does Joint Bidding Reduce Competition? Evidence from Hong Kong Land Auctions," The Journal of Real Estate Finance and Economics, Springer, vol. 58(1), pages 111-132, January.
    2. Quang Vuong & Sandra Campo & Isabelle Perrigne, 2003. "Asymmetry in first-price auctions with affiliated private values," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(2), pages 179-207.

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