THE ROLE OF INFORMATION IN UNITED-STATES OFFSHORE OIL AND GAS LEASE AUCTIONS

Authors
PORTER RH
Citation
Rh. Porter, THE ROLE OF INFORMATION IN UNITED-STATES OFFSHORE OIL AND GAS LEASE AUCTIONS, Econometrica, 63(1), 1995, pp. 1-27
Citations number
27
Categorie Soggetti
Economics,"Social Sciences, Mathematical Methods","Mathematical, Methods, Social Sciences
Journal title
Econometrica → ACNP
ISSN journal
00129682
Volume
63
Issue
1
Year of publication
1995
Pages
1 - 27
Database
ISI
SICI code
0012-9682(1995)63:1<1:TROIIU>2.0.ZU;2-Z
Abstract
This paper describes the U.S. offshore oil and gas lease sales conduct ed by the Department of the Interior since 1954. Several decisions are discussed, including bidding for leases, the government's decision wh ether to accept the highest bid, the incidence and timing of explorato ry drilling, and the formation of bidding consortia. Equilibrium model s of these decisions that emphasize informational and strategic issues and that account for institutional features of the leasing program ar e analyzed, and their predictions compared to outcomes in the data.