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We review the issues involved in designing a mechanism for allocating resource rights. We focus on the case of exploration and development rights for oil and gas leases in U.S. federal lands to highlight the tradeoffs at play. The main issues concern the design of the lease contract, the design...
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This paper studies federal auctions for wildcat leases on the Outer Continental Shelf from 1954 to 1970. These are … values to test the comparative static prediction in common value auctions that bidders may bid less aggressively when they …
Persistent link: https://www.econbiz.de/10013244730
This paper studies federal auctions for wildcat leases on the Outer Continental Shelf from 1954 to 1970. These are … values to test the comparative static prediction in common value auctions that bidders may bid less aggressively when they …
Persistent link: https://www.econbiz.de/10012470430
This paper studies federal auctions for wildcat leases on the Outer Continental Shelf from 1959 to 1970. These are … values to test the comparative static prediction in common value auctions that bidders tend to bid less aggressively when …
Persistent link: https://www.econbiz.de/10014175755