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issues concern the design of the lease contract, the design of the auction, and the supply of leases. A distinguishing …
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This paper studies federal auctions for wildcat leases on the Outer Continental Shelf from 1954 to 1970. These are leases where bidders privately acquire (at some cost) noisy, but equally informative, signals about the amount of oil and gas that may be present. We develop a test of equilibrium...
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bid on most jobs. The apparent role of ring meetings prior to the auction was to designate a serious bidder, and its bid …
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