Offshore Oil and Gas Lease Auctions

该奖项旨在继续研究信息在以下方面的作用： 离岸石油和天然气租赁的拍卖。 根据以前的 研究人员已经收集了一套详细的数据， 从1954年到1969年的离岸租赁拍卖。 初步 对这些数据进行了统计分析，作者 研究了信息不对称的存在及其影响， 租赁拍卖的投标行为。 该奖项将扩大离岸租赁拍卖的数据集 直到1980年。 此外，这些数据将在几个新的 contexts. 将进行一项详细的计量经济学研究， 参与和投标决定的公司为野猫片， 公司之间投标联合体的形成，以及 关于勘探钻井决策的拍卖后信息。 还将研究其他拍卖程序。 这个项目 重要的是，它将提供一个更好的理解的作用， 离岸石油和天然气租赁拍卖的信息。

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.