The Role of Information in U.S. Offshore Oil and Gas Lease Auctions
This paper describes the U.S. offshore oil and gas lease sales, conducted by the Department of the Interior since 1954. Several decision problems 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. It is argued that equilibrium models that emphasize informational and strategic issues, and that account for institutional features of the leasing program, provide accurate predictions of outcomes.
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90-47, C.V. Starr Center for Applied Economics, New York University.
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"Random Reservation Prices and Bidding Behavior in OCS Drainage Auctions,"
807, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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- Kenneth Hendricks & Dan Kovenock, 1989. "Asymmetric Information, Information Externalities, and Efficiency: The Case of Oil Exploration," RAND Journal of Economics, The RAND Corporation, vol. 20(2), pages 164-182, Summer.
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