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Keywords: lease bid
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Proceedings Papers

Paper presented at the SPE Economics and Evaluation Symposium, February 21–26, 1977
Paper Number: SPE-6501-MS
... left on the table and a posteriori comparisons with actual bids. Extensive comparisons of federal offshore oil and gas lease bids show agreement with the theoretical function except that some extreme bids appear to depart from lognormality. Introduction We do not know the competitive bidder who...

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