This paper extends the theory of legal cartels to a.liated private value and common value environments, and applies the theory to explain joint bidding patterns in U.S. federal government o.shore oil and gas lease auctions. We show that e.cient collusion is always possible in private value environments, but may not be in common value environments. In the latter case, fear of the winner’s curse ...

This paper extends the theory of legal cartels to a¢ liated private value and common value environments, and applies the theory to explain joint bidding patterns in U.S. federal government o¤shore oil and gas lease auctions. We show that e¢ cient collusion is always possible in private value environments, but may not be in common value environments. In the latter case, fear of the winner’s curs...

Medium-chain fatty acids (MCFA) have attracted attention as part of a healthy diet, because they are absorbed and transported directly into the liver via the portal vein, metabolized rapidly by beta-oxidation, and increase diet-induced thermogenesis. Because medium-chain triacylglycerols (MCT) containing only MCFA has a few weak points as frying oils, we have developed medium- and long-chain tr...

This is an interview conducted with an oil and gas worker who was employed in the industry from 1993 to 2012. He requested that his name not be used. From 2008 to 2012, he drilled wells for a major operator in Bradford County, Pennsylvania. Bradford County is the center of the Marcellus shale gas boom in Northeastern Pennsylvania. In 2012, he formed a consulting business to assist clients who n...

The first account of an option trade is found in Aristotle’s Politics. Thales the Milesian is said to have purchased the right to rent the olive presses at a future point in time for a predetermined price. Although many authors in the Real Options literature make reference to Thale’s option trade, no formal discussion has yet been made. This paper provides a more detailed treatment of this issu...

This paper examines firms’ competitiveness in the seafood processing industry in Vietnam and policy changes for global integration. We find that trade liberalization is a very important policy change that has generally positive impacts and generates strong reactions in the seafood processing industry. Exchange rate depreciation is also an important factor and receives strong responsiveness as m...

Each environmental disaster is unique, with health consequences that depend on the intersection of the event, the geographic setting, and the characteristics of the local population. Yet, all environmental disasters require the identification of health consequences and strategies to mitigate them and provide lessons for how to do better in future disasters (1–6). The Prestige oil spill and the ...

Article history: Received 12 September 2008 Received in revised form 14 July 2009 Accepted 15 August 2009 Available online 4 September 2009 This paper examines international capital mobility by estimating intertemporal current account models for nine major industrialized countries. To account for the large fluctuations of oil prices (the terms-of-trade) and their effects on the current account,...

This paper reports the short-term forecasting power of the large Global Vector Autoregressive (GVAR) model originally developed by Pesaran, Schuermann, and Weiner (2004a, 2004b; PSW), and subsequently fine-tuned and re-estimated over the period 1979Q1–2003Q4 by Dees, di Mauro, Pesaran, and Smith (2007; DdPS).1 The GVAR model explicitly specifies interdependencies between different countries and...