The invited tender-bid procurement auction used by oil companies to procure intermediate inputs into oil gathering has to find solutions to several problems. Assesses the nature of these problems and the peculiarities of the operating rules designed to solve them. Develops an economic rationale...

Sample-survey information is used to assess aspects of the predictive competence of the transaction-cost paradigm. The extent of vertical disintegration by oil companies in offshore oil gathering is shown to be consistent with the revealed efficacy of the markets in intermediate goods and...

Sample‐survey information is used to assess aspects of the predictive competence of the transaction‐cost paradigm. The extent of vertical disintegration by oil companies in offshore oil gathering is shown to be consistent with the revealed efficacy of the markets in intermediate goods and...

The invited tender‐bid procurement auction used by oil companies to procure intermediate inputs into oil gathering has to find solutions to several problems. Assesses the nature of these problems and the peculiarities of the operating rules designed to solve them. Develops an economic...