Bidding and Oil Leases |
Contents
Introduction 135 | 5 |
Risk Markets and Government | 9 |
Some Ideas in the Political Economy of Government | 27 |
Copyright | |
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Common terms and phrases
action 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 example expected return expected value exploration externalities firm's firms Further given governmental greater hypothesis implies increase individual interest involved joint bidding large number lease areas lease offering legislation lessee lessor major marginal distribution maximize maximum bid maximum losing North Sea North Sea Oil number of bidders number of bids objective function obtained oil and gas oil leases optimal bid optimum order statistic Pareto efficient Pareto optimal political exchanges politician potential preference function problem production profit bid random variable relative relevant result risk averse risk neutral risky prospect royalty bid sample seller situation social stochastic stochastic dominance theoretical theory tion tracts uncertainty United Kingdom variance vote