OCS Leasing and Auctions: Incentives and the Performance of Alternative Bidding Institutions
نویسندگان
چکیده
منابع مشابه
Recent U.S. Offshore Oil and Gas Lease Bidding: A Progress Report∗
The U.S. Mineral Management Service (MMS) uses auctions to allocate exploration and drilling rights for oil and gas on federal lands on the Outer Continental Shelf (OCS). The federal offshore leasing program began in 1954, and there have been few alterations in the auction mechanism. However, the environment in which firms bid in these auctions has experienced a number of substantial changes. O...
متن کاملLearning and Investing during Transition: Evidence from Naturally-Occurring Auctions
This paper considers investing made by ordinary citizens in a mass privatization in which they had strong incentives to learn. To detect and quantify learning we develop new measure of individual performance during the bidding process at a proxy stock market where prices vary over successive stages of bidding. We present evidence that learning took place among uninformed heterogeneous agents du...
متن کاملAn Optimization Framework for Combining the Petroleum Replenishment Problem with the Optimal Bidding in Combinatorial Auctions
We address in this paper a periodic petroleum station replenishment problem (PPSRP) that aims to plan the delivery of petroleum products to a set of geographically dispatched stations. It is assumed that each station is characterized by its weekly demand and by its frequency of service. The main objective of the delivery process is to minimize the total travelled distance by the vailable trucks...
متن کاملOptimal Bidding Strategies of GENCOs in Day-Ahead Energy and Spinning Reserve Markets Based on Hybrid GA-Heuristic Optimization Algorithm
In an electricity market, every generation company (GENCO) attempts to maximize profit according to other participants bidding behaviors and power systems operating conditions. The goal of this study is to examine the optimal bidding strategy problem for GENCOs in energy and spinning reserve markets based on a hybrid GA-heuristic optimization algorithm. The heuristic optimization algorithm used...
متن کاملEfficiency, auctioneer revenue and bidding behavior in the Combinatorial Clock Auction: An analysis in the context of European spectrum auctions
Magnetic radio spectrum is usually allocated by means of auctions. Mobile operators bid for spectrum licenses which are used to offer communication and data services to their customers. Such spectrum sales are among the biggest trades in terms of revenue, which makes this domain especially interesting for research in the field of market design and auctions. For many years now, the Simultaneous ...
متن کامل