TY  - JOUR
AU  - Porter,Robert H.
TI  - The Role of Information in U.S. Offshore Oil and Gas Lease Auctions
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4185
PY  - 1992
Y2  - October 1992
UR  - http://www.nber.org/papers/w4185
L1  - http://www.nber.org/papers/w4185.pdf
N1  - Author contact info:
Robert H. Porter
Department of Economics
Northwestern University
2001 Sheridan Road
Evanston, IL 60208
Tel: 847/491-3491
Fax: 847/491-7001
E-Mail: r-porter@northwestern.edu
AB  - This paper describes the U.S. offshore oil and gas lease sales, conducted by the Department of the Interior since 1954. Several decision problems are discussed, including bidding for leases, the government's decision whether to accept the highest bid, the incidence and timing of exploratory drilling, and the formation of bidding consortia. It is argued that equilibrium models that emphasize informational and strategic issues, and that account for institutional features of the leasing program, provide accurate predictions of outcomes.
ER  -