Relinquishing Riches: Auctions vs Informal Negotiations in Texas Oil and Gas Leasing
Relinquishing Riches: Auctions vs Informal Negotiations in Texas Oil and Gas Leasing
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放弃财富：德克萨斯州石油和天然气租赁中的拍卖与非正式谈判
DOI：
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发表时间：
2019
期刊：
影响因子：
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通讯作者：
R. Sweeney
中科院分区：
文献类型：
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作者：
Thomas R. Covert;R. Sweeney
本文比较了非正式谈判的石油和天然气租赁的结果，通过集中拍卖。我们重点关注德克萨斯州，二十世纪初的立法决定将数千个邻近地块分配给不同的矿产分配机制。我们表明，在几十年后出人意料地开始的水力压裂热潮期间，拍卖租赁产生的预付款比谈判租赁至少高出55%，产量高出40%。这些结果表明，在传统上以非结构化方式分配的市场中，包括在私人拥有的3万亿美元的更广泛的市场中，采用集中化的正式机制可能会获得巨大的收益。(JEL D44、L71、Q35）
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 during the fracking boom, which began unexpectedly decades later, auctioned leases generated at least 55 percent larger up-front payments and 40 percent more output than negotiated leases did. These results suggest large potential gains from employing centralized, formal mechanisms in markets that traditionally allocate in an unstructured fashion, including the broader $3 trillion market for privately owned minerals. (JEL D44, L71, Q35)
现实世界讨价还价的效率：来自二手车批发拍卖的证据
DOI：
10.1093/restud/rdaa007
发表时间：
2020
期刊：
The Review of Economic Studies
影响因子：
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作者：
Larsen, Bradley J
通讯作者：
Larsen, Bradley J