Empirical analysis of scoring auctions for oil and gas leases

Detalhes bibliográficos
Autor(a) principal: Sant'Anna, Marcelo Castello Branco
Data de Publicação: 2017
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/18903
Resumo: I study a scoring auctions implemented in Brazil to sell oil exploration rights. Differently from most sales of this kind, bidders had to submit a multi-dimensional bid that included a bonus and an exploratory program. A non-linear scoring rule determined the winner. I propose a method to estimate the underlying primitive distribution of tract values and exploration commitment costs. Estimating the distribution of those primitives allows the evaluation of counterfactual revenues in alternative bidding schemes. I find that a first price auction would imply a 9.7% higher revenue from the sales examined.
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spelling Sant'Anna, Marcelo Castello BrancoEscolas::EPGEFGV2017-10-03T17:34:54Z2017-10-03T17:34:54Z2017-100104-8910http://hdl.handle.net/10438/18903I study a scoring auctions implemented in Brazil to sell oil exploration rights. Differently from most sales of this kind, bidders had to submit a multi-dimensional bid that included a bonus and an exploratory program. A non-linear scoring rule determined the winner. I propose a method to estimate the underlying primitive distribution of tract values and exploration commitment costs. Estimating the distribution of those primitives allows the evaluation of counterfactual revenues in alternative bidding schemes. I find that a first price auction would imply a 9.7% higher revenue from the sales examined.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;789Oil and gasScoring auctionsOil exploration rightsEconomiaLeilõesPetróleo e gás - RoyaltiesEmpirical analysis of scoring auctions for oil and gas leasesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTEXTEmpirical-Analysis-of-Scoring-Auctions-for-Oil-and-Gas-Leases.pdf.txtEmpirical-Analysis-of-Scoring-Auctions-for-Oil-and-Gas-Leases.pdf.txtExtracted texttext/plain63314https://repositorio.fgv.br/bitstreams/263de4b1-7100-4095-9b8e-bd092e1d30a1/downloadfcb3d0bdd5a783e4d31fcbd7e01550cfMD58LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv Empirical analysis of scoring auctions for oil and gas leases
title Empirical analysis of scoring auctions for oil and gas leases
spellingShingle Empirical analysis of scoring auctions for oil and gas leases
Sant'Anna, Marcelo Castello Branco
Oil and gas
Scoring auctions
Oil exploration rights
Economia
Leilões
Petróleo e gás - Royalties
title_short Empirical analysis of scoring auctions for oil and gas leases
title_full Empirical analysis of scoring auctions for oil and gas leases
title_fullStr Empirical analysis of scoring auctions for oil and gas leases
title_full_unstemmed Empirical analysis of scoring auctions for oil and gas leases
title_sort Empirical analysis of scoring auctions for oil and gas leases
author Sant'Anna, Marcelo Castello Branco
author_facet Sant'Anna, Marcelo Castello Branco
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Sant'Anna, Marcelo Castello Branco
dc.subject.eng.fl_str_mv Oil and gas
Scoring auctions
Oil exploration rights
topic Oil and gas
Scoring auctions
Oil exploration rights
Economia
Leilões
Petróleo e gás - Royalties
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Leilões
Petróleo e gás - Royalties
description I study a scoring auctions implemented in Brazil to sell oil exploration rights. Differently from most sales of this kind, bidders had to submit a multi-dimensional bid that included a bonus and an exploratory program. A non-linear scoring rule determined the winner. I propose a method to estimate the underlying primitive distribution of tract values and exploration commitment costs. Estimating the distribution of those primitives allows the evaluation of counterfactual revenues in alternative bidding schemes. I find that a first price auction would imply a 9.7% higher revenue from the sales examined.
publishDate 2017
dc.date.accessioned.fl_str_mv 2017-10-03T17:34:54Z
dc.date.available.fl_str_mv 2017-10-03T17:34:54Z
dc.date.issued.fl_str_mv 2017-10
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/18903
dc.identifier.issn.none.fl_str_mv 0104-8910
identifier_str_mv 0104-8910
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dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Ensaios Econômicos;789
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dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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