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Risk Markets and Government
Some Ideas in the Political Economy of Government
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action allocation alternative amount analysis argument assumed assumption behavior bid price bid strategy bidding procedure bidding subjects bonus bid bonus payment Chapter coalition competitive bidding conditional distribution costs decision demand discriminatory bidding discussion distribution of bids economic effect equation evaluated example expected return expected value exploration firm's firms Further given governmental implies income transfers increase individual industry interest involved joint bidding large number lease areas lease offering legislation less lessee lessor major marginal distribution maximize maximum bid Nash equilibrium number of bidders number of bids objective function obtained oil and gas oil leases optimal bid optimum order statistic Pareto Pareto efficient Pareto optimal political exchanges politician potential preference function problem production profit bid random variable relative result risk averse risk neutral risky prospect royalty bid sample seller situation social stochastic stochastic dominance theoretical theory tion tracts uncertainty United Kingdom utility variance vote voter winning