Showing 1 - 10 of 231
? Utilizing a detailed data set on Government of Canada securities auctions, we argue that the answer is yes. Direct participation … in these auctions is limited to government securities dealers. However, non-dealer customers can also submit bids through …
Persistent link: https://www.econbiz.de/10012784929
We analyze bidding data from uniform price auctions of U.S. Treasury bills and notes between July 2009-October 2013 …
Persistent link: https://www.econbiz.de/10012943195
This paper studies the bidding behavior of firms in U.S. Forest Service timber auctions in 1976--1990. When conducting … timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and … incorporates both differential information and the fact that bids placed in timber auctions are multidimensional. The theory …
Persistent link: https://www.econbiz.de/10013246494
Choice screen auctions have been recently deployed in 31 European countries, allowing consumers to choose their … show that a seemingly minor detail in the design of these auctions—whether they are conducted on a “per appearance” or a … expected overall market share. I also show that “per install” auctions distort the incentives of alternative search engines …
Persistent link: https://www.econbiz.de/10014090768
We develop a spatial model of energy exploitation where energy sources are differentiated by their geographic location and energy density. The spatial setting creates a scaling law that magnifies the importance of differences across energy sources. As a result, renewable sources twice as dense,...
Persistent link: https://www.econbiz.de/10013064302
Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters...
Persistent link: https://www.econbiz.de/10012776202
We show that oil production from existing wells in Texas does not respond to price incentives. Drilling activity and costs, however, do respond strongly to prices. To explain these facts, we reformulate Hotelling's (1931) classic model of exhaustible resource extraction as a drilling problem:...
Persistent link: https://www.econbiz.de/10013050318
This paper analyzes the effect of taxation on the intertemporal allocation of an exhaustible resource. A general framework within which a large variety of taxes can be analyzed is developed and then applied to a number of specific taxes. It is shown that there exists a pattern of taxation which...
Persistent link: https://www.econbiz.de/10013240662
This paper explores details behind the phenomenal increase in global crude oil production over the last century and a half and the implications if that trend should be reversed. I document that a key feature of the growth in production has been exploitation of new geographic areas rather than...
Persistent link: https://www.econbiz.de/10013112048
Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase...
Persistent link: https://www.econbiz.de/10014106205