Offshore Oil and Gas Lease Auctions

该奖项是为了继续研究信息在离岸石油和天然气租赁拍卖中的作用。在之前的裁决中，调查人员收集了从1954年到1969年的离岸租赁拍卖的详细数据。对这些数据进行了初步的统计分析，研究了租赁拍卖中信息不对称的存在及其对竞价行为的影响。这一奖励将把离岸租赁拍卖的数据集延长到1980年。此外，这些数据将在几个新的背景下进行分析。将对公司参与和竞标野猫区域的决策、公司之间竞标联盟的形成以及拍卖后信息对勘探钻探决策的影响进行详细的计量经济学研究。替代拍卖程序也将得到调查。这个项目很重要，因为它将更好地了解信息在离岸石油和天然气租赁拍卖中的作用。

This award is to continue research on the role of information in the auction of off-shore oil and gas leases. Under the previous award, the investigators have assembled a detailed data set of off-shore lease auctions from 1954 through 1969. A preliminary statistical analyses of these data has been conducted, and the authors have studied the existence and influence of asymmetric information in lease auctions on bidding behavior. This award will extend the data set of off-shore lease auctions through 1980. In addition, these data will be analyzed in several new contexts. A detailed, econometric study will be undertaken of the participation and bidding decisions by firms for wildcat tracts, the formation of bidding consortia among firms, and the influence of post-auction information on exploratory drilling decisions. Alternative auction procedures will also be investigated. This project is important because it will provide a better understanding of the role of information in off-shore oil and gas-lease auctions.