... to such an important event, most likely because it is the most familiar method. Perhaps this is why we see bid levels with a significant amount of spread, representing "money left on the table" or skewed perspectives on the value of the block. Firms that wish to move to the next level take a different view...

... values. natural logarithm bidding bid factor lohrenz upstream oil & gas frequency value pie different bid factor asset and portfolio management probabilistic simulation methodology density profile net value competitive bidding bidder variance competitor reserves evaluation...

... The point to be stressed is that while work commitment bidding will likely bring about additional production beyond the private optimum, it is unlikely to induce the socially desirable amount of production. In Figure 2 , production of Qw is socially desirable only when the social benefits...

... Abstract This study investigated the effects of a linear sliding scale royalty and a logarithmic sliding scale royalty on hypothetical bids for offshore leases. Both of these systems were used by the U.S. Department of Interior for OCS lease sales in 1978. Results of the study indicated...

... American Institute of Mining, Metallurgical, and Petroleum Engineers, Inc. Abstract The expected values of money left on the table are evaluated for lognormally distributed, sealed, competitive bids. Functions are developed and evaluated that can be used to make a priori predictions of money...