Analysis of alternative bidding systems for leasing offshore oil
Journal Article
·
· Bell J. Econ. Manage. Sci.; (United States)
This study utilizes a formal model of competitive bidding to analyze some alternative procedures for selling offshore oil leases. It is assumed that the population of leases to be sold contains tracts having both positive and negative true values and that firms are able to obtain informative, but highly uncertain, estimates of the true value of each tract. Firms' Nash-equilibrium bidding strategies for bonus, profit-share, and a form of royalty bidding are derived; then the expected division of economic rent between buyer and seller for the three bidding systems is analyzed.
- Research Organization:
- Cornell Univ., Ithaca, NY
- OSTI ID:
- 5743518
- Journal Information:
- Bell J. Econ. Manage. Sci.; (United States), Journal Name: Bell J. Econ. Manage. Sci.; (United States) Vol. 10:2; ISSN BJEMA
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
02 PETROLEUM
021000 -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
COMPETITION
CONTINENTAL MARGIN
CONTINENTAL SHELF
COST
FORECASTING
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
LEASES
LEASING
OFFSHORE SITES
PETROLEUM DEPOSITS
PROFITS
RESOURCES
021000 -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
COMPETITION
CONTINENTAL MARGIN
CONTINENTAL SHELF
COST
FORECASTING
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
LEASES
LEASING
OFFSHORE SITES
PETROLEUM DEPOSITS
PROFITS
RESOURCES