English, Article, Journal or magazine article edition: On Bid Disclosure in OCS Wildcat Auctions Nicolas Melissas

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Bookmark: http://trove.nla.gov.au/version/120682
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On Bid Disclosure in OCS Wildcat Auctions
Author
  • Nicolas Melissas
Physical Description
  • preprint
Notes
  • I study a game in which two players first bid for offshore tracts (below which oil and gas may be present) and next time their drilling decisions. High types bid more aggressively if the auctioneer discloses bids as this gives them useful information about the profitability of drilling. A low type fears that the disclosure of her "low" bid reduces the other player's incentive to drill. Hence, they bid more aggressively if the auctioneer does not disclose bids. If players are sufficiently patient, it is optimal to disclose bids. Otherwise, it may be optimal not to disclose them.
  • Information Externality, Oil Exploration, Waiting, War of attrition
  • RePEc:cie:wpaper:0905
Language
  • English
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