auctions in Wyoming between February 1998 and October 2006 are examined. Bidders discount split estate by 11 to 14 percent on … for selection of well sites on the basis of observable information. Delays in entry on split estate are found, but are not … for the endogeneity of tenure. The results suggest that split estate wells using surface discharge have a higher number of …

subsurface access. We then solve for a set of Nash equilibrium outcomes associated with the split estate negotiations. By …