Showing 1 - 10 of 2,115
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...
Persistent link: https://www.econbiz.de/10013135175
An oil lease auction is the classic example motivating a common values model. However, formal testing for common values has been hindered by unobserved auction-level heterogeneity, which is likely to affect both participation in an auction and bidders' willingness to pay. We develop and apply an...
Persistent link: https://www.econbiz.de/10012914658
In 2010, the Gulf Coast experienced the largest oil spill, the greatest mobilization of spill response resources, and the first Gulf-wide deepwater drilling moratorium in U.S. history. Taking advantage of the unexpected nature of the spill and drilling moratorium, I estimate the net effects of...
Persistent link: https://www.econbiz.de/10013048592
Extending research on organizational learning to multi-product environments is of particular importance given that the vast majority of products are manufactured in such environments. We investigate learning in a multi-product facility drawing on exceptionally rich data for a manufacturing firm...
Persistent link: https://www.econbiz.de/10013034677
We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...
Persistent link: https://www.econbiz.de/10013149993
Beginning in early 2011, crude oil production in the U.S. Midwest and Canada surpassed the pipeline capacity to transport it to the Gulf Coast where it could access the world oil market. As a result, the U.S. "benchmark" crude oil price in Cushing, Oklahoma, declined substantially relative to...
Persistent link: https://www.econbiz.de/10013105461
We establish a theoretical as well as empirical framework to assess the role of resource endowments and their geographic location for inter-State conflict. The main predictions of the theory are that conflict tends to be more likely when at least one country has natural resources; when the...
Persistent link: https://www.econbiz.de/10013083090
This paper compares outcomes from informally negotiated oil and gas leases to those awarded via centralized auction. We focus on Texas, where legislative decisions in the early twentieth century assigned thousands of proximate parcels to different mineral allocation mechanisms. We show that...
Persistent link: https://www.econbiz.de/10012889483
It is striking how often countries with oil or other natural resource wealth have failed to grow more rapidly than those without. This is the phenomenon known as the Natural Resource Curse. The principle has been borne out in some econometric tests of the determinants of economic performance...
Persistent link: https://www.econbiz.de/10013145250
Russia is often considered a perfect example of the so-called "resource curse"--the argument that natural resource wealth tends to undermine democracy. Given high oil prices, some observers see the country as virtually condemned to authoritarian government for the foreseeable future. Reexamining...
Persistent link: https://www.econbiz.de/10013148670