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Information Externalities In Oil And Gas Leasing

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  • JEFFREY J. LElTZlNGER
  • JOSEPH E. STIGLITZ

Abstract

This paper discusses the theory and measurement of information externalities in oil and gas leasing. A study of leases issued in the Gulf of Mexico reveals significant positive information externalities resulting from prior development of adjoining leases. According to a recent court decision, these effects provide an added consideration in the determination of a “fair and equitable” division of revenues from federal tracts adjoining state lands, as required by the 1978 amendments to the Outer Continental Shelf Lands Act

Suggested Citation

  • JEFFREY J. LElTZlNGER & JOSEPH E. STIGLITZ, 1984. "Information Externalities In Oil And Gas Leasing," Contemporary Economic Policy, Western Economic Association International, vol. 2(5), pages 44-57, March.
    • Handle: RePEc:bla:coecpo:v:2:y:1984:i:5:p:44-57
    DOI: 10.1111/j.1465-7287.1984.tb00777.x
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    References listed on IDEAS

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    1. Robert B. Wilson, 1967. "Competitive Bidding with Asymmetric Information," Management Science, INFORMS, vol. 13(11), pages 816-820, July.
    2. Edward Miller, 1973. "Some Implications of Land Ownership Patterns for Petroleum Policy," Land Economics, University of Wisconsin Press, vol. 49(4), pages 414-423.
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    Cited by:

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    2. Gary Charness & Dan Levin, 2009. "The Origin of the Winner's Curse: A Laboratory Study," American Economic Journal: Microeconomics, American Economic Association, vol. 1(1), pages 207-236, February.
    3. Castillo, Emilio & Roa, Cintia, 2021. "Defining geological maturity: The effect of discoveries on early-stage mineral exploration," Resources Policy, Elsevier, vol. 74(C).

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