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Thursday, August 6, 2020 | History

2 edition of Joint bidding, information pooling, and the performance of petroleum lease auctions found in the catalog.

Joint bidding, information pooling, and the performance of petroleum lease auctions

by Lawrence M. DeBrock

  • 191 Want to read
  • 26 Currently reading

Published by College of Commerce and Business Administration, Bureau of Economic and Business Research, University of Illinois at Urbana-Champaign in [Urbana, Ill.] .
Written in English


Edition Notes

Includes bibliographical references (p. 22).

StatementLarry M. DeBrock, James L. Smith
SeriesBEBR faculty working paper -- no. 889, BEBR faculty working paper -- no. 889.
ContributionsSmith, James L. (James Lee), 1950-, University of Illinois at Urbana-Champaign. College of Commerce and Business Administration, University of Illinois at Urbana-Champaign. Bureau of Economic and Business Research
The Physical Object
Pagination[1] leaf, 22 p. :
Number of Pages22
ID Numbers
Open LibraryOL24618841M
OCLC/WorldCa700950399

Joint bidding is used by other real estate firms (“large” firms) to pool resources/capital in order to compete with the top firms. We test whether joint bidding increases or decreases the level of competition in land auctions, using land auction data in Hong Kong from to 2. All advertisement of bids for Mn/DOT equipment purchases are processed through. Materials Management Division. of DOA. 3. The M5 Maximus Equipment Management System used by Mn/DOT is a standard for other major State Agencies, with oversight provided by DOA. 4. Mn/DOT disposes of surplus equipment through the State Auctions, administered by.

"Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions," Bell Journal of Economics, , Autumn (with J. L. Smith). "A Reexamination of Medical Society Control of Blue Shield Plans," in Advances in Health Economics and Health Services Research, Vol. 5, , pp (with R. Arnould). The major factors outlined in last week’s case against Gunnison and SG can be used to determine whether a joint bidding agreement would be considered an unreasonable restraint on trade in violation of the Sherman Act or a pro-competitive and beneficial arrangement. There are plenty of benefits to a legal joint-bidding arrangement.

In addition, joint bids serve to overcome exposure constraints by pooling capital, and they may help to pool information or spread risk. Given the potential benefits of joint bidding, one wonders why firms ever submit solo bids. A cost of joint bidding is the positive externality a joint venture generates for firms not participating in the. Memorial Day weekend is the unofficial kickoff to the summer boating season, and the Ohio Department of Natural Resources (ODNR) is reminding boaters to practice safety at all times. Three Hocking Hills Sites to Reopen June The Ohio Department of Natural Resources (ODNR) is making a number of modifications to the popular.


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Joint bidding, information pooling, and the performance of petroleum lease auctions by Lawrence M. DeBrock Download PDF EPUB FB2

Joint bidding, information pooling, and the performance of petroleum lease auctions Larry M. DeBrock* and James L. Smith** This article uses a game-theoretic bidding model to examine the effect of joint bidding in offshore petroleum lease auctions. We show that joint bidding.

BibTeX @MISC{Is82jointbidding, author = {Each Lost Book Is and Larry M. Desrock and James L. Smith}, title = {Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions}, year = {}}.

Downloadable (with restrictions). This article uses a game-theoretic bidding model to examine the effect of joint bidding in offshore petroleum lease auctions.

We show that joint bidding increases the total social value of the lease offering and, in most cases, does not significantly decrease the percentage of social value captured by the government.

Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions. By Larry M. DeBrock and James L. Smith. Abstract. This article uses a game-theoretic bidding model to examine the effect of joint bidding in offshore petroleum lease auctions. We show that joint bidding increases the total social value of the lease offering Author: Larry M.

DeBrock and James L. information pooling Smith. Joint bidding, information pooling, and the performance of petroleum lease auctions.

Bell Journal of Econom – CrossRef Google Scholar. Dubey, P. Price-quantity strategic market games. Buy Physical Book Learn about institutional subscriptions. Cite. Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions.

By Each Lost Book Is, Larry M. Desrock and James L. Smith. Abstract. The person charging this materia. is responsible for its return to the library from which it was withdrawn on or before and the performance of petroleum lease auctions book Latest Date stamped below.

Theft, mutilation, and underlining of. On one hand, the pooling of information within bidding rings increases the precision of competing estimates.

We demonstrate that, in average value auctions, this leads to more aggressive bidding. Recent literature on joint bidding in a single-unit, common-value (CV) auction argues it enhances competition.

Information pooling mitigates the adverse selection and thus elevates bidding and may. Collusion and the Incentives for Information Sharing pp.

Richard N. Clarke Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions pp. Larry M. DeBrock and James Smith The Rate-of-Return Regulated Firm: Cost and Production Duality pp. Rolf Fare and James Logan.

Standard Bidding Documents Procurement of Works FIDIC This electronic document prepared by The World Bank is intended to fulfill the objectives of para.

of Guidelines: Procurement under IBRD Loans and IDA Credits, January “Borrowers shall use the appropriate Standard Bidding Documents (SBDs). Oil & Gas Lease Auctions: An Economic Perspective Ma Presented by: The Florida Legislature A lease that lasts only through the exploration stage would not Treatment of joint bidding ventures vs.

solo bids: it is unclear whether the prohibition of joint bidding ventures increases the government’s take, or lowers the number. We examine theoretically and experimentally two countervailing effects of industry concentration in common value auctions.

Greater concentration of information among fewer bidders reduces competition but increases the precision of private estimates. We demonstrate that this generally leads to more aggressive bidding. However, the reduction in competition dominates the informational effects. R.N. CLARKE Collusion and the Incentives for Information Sharing L.M.

DEBROCK AND Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions J.-L. SMITH R. FARE AND The Rate-of-Return Regulated Firm: Cost and Production Duality J.

L,OGAN G. HUBERMAN, Optimal Insurance Policy Indemnity Schedules D. MAYERS AND C.W. SMITH, JR. The performance of corporate alliances: study alliances in the Gulf of Mexico, but they focus primarily on joint bidding in lease auctions, while I emphasize the implications of alliances for drilling outcomes after the auctions If the pooling of information and expertise plays a role in the superior performance of alliances relative to.

This report analyzes the prohibition of joint bids among large plëoducers, deemed "majors," in Federal offshore petroleum lease sales. The ban, initited in December ,1 specifies that producers with international petroleum production greater than.

A Joint Bid Agreement can be helpful for for a contractor who specialize in one skillset, and wants to work with another specialist to complete a project.

Use the Joint Bid Agreement document if: You want to bid on a project with another contractor. A Theory of Indicative Bidding† By Daniel Quint and Kenneth Hendricks* When selling a business by auction, sellers typically use indicative bids—nonbinding preliminary bids—to select a small number of bid-ders to conduct due diligence and submit binding offers.

We show that if entry into the auction is costly, indicative bids can be infor. Pooling, Unitization, and Joint Leases Generally, there may be a pool of oil under several tracts of land with each tract having a different ownership, yet all of the oil might be removed by a single well on one of the tracts as a result of its fluidity.

allowed to bid jointly prior to Afterjoint bids were banned involving two or more of the (then) eight largest oil and gas companies, although these firms were free to participate in joint bids with other firms.

The tracts are “sold” as leases, and many leases are offered simultaneously. Each lease is sold by first-price. Looking at the behavior of the restricted joint bidders individually also helps characterize the lease market. Table 1 shows the number of the joint bids won by the restricted bidders and other Gulf of Mexico OCS producers with whom they submitted ten or more bids during the study period.

Texaco was the most frequent partner in joint bids with restricted bidders, participating in winning. Pooling is a fundamental concept within oil and gas law, but one that is often misunderstood. Pooling is most commonly defined as “the combining of two or more tracts of land into one unit for drilling purposes accomplished voluntarily, or through compulsion.” 1 In other words, it is how a lessee is able to extend a lease without physically drilling on the lease."Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions," Bell Journal of Economics, with L.

DeBrock (Autumn ). "Equilibrium Patterns of Competition in OCS Lease Sales," Economic Inquiry, (April ). "Risk Aversion and Bidding Behavior for Offshore Petroleum Leases," Journal of Industrial Economics (March ).a pooling clause.

5 One of the earliest reported cases that reflects that a pooling clause was included in the lease is Imes v. Globe Oil & Refining Co.6 In that Oklahoma case, the court referred to a part of a pooling clause contained in a lease that was executed no later than 7 The pooling clause provided in part.