Testing the continuity of individual bid density functions: Some further results |
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| Institution: | 1. Economics Studies, School of Business, University of Dundee, United Kingdom;2. School of Economics and Management, and Center for Industrial Economics, Wuhan University, Wuhan 430072, China;3. Faculty of Economics Administrative and Social Sciences, Istanbul Gelisim University, Istanbul, Turkey;4. Research Center of Development Economics, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6, Baku 1001, Azerbaijan;5. Adnan Kassar School of Business, Department of Economics, Lebanese American University, Beirut, Lebanon;6. Centre for Energy, Petroleum, and Minerals Law and Policy, University of Dundee, Scotland, United Kingdom;7. Graduate School of Economics and Management, Ural Federal University, Yekaterinburg, Russia;8. Department of Agricultural Sciences, Texas State University, San Marcos, TX 78666, USA;1. XLRI, Xavier School of Management, Jamshedpur, India;1. Imperial College London, United Kingdom;2. University of Antwerp, Belgium;1. Federal Reserve Bank of Cleveland, 150 E. 4th St, Cincinnati, OH 45202, USA;2. Department of Economics, Old Dominion University, Norfolk, VA 23529, USA;1. Analysis Group, San Francisco, CA, USA;2. Department of Economics, Macalester College, 1600 Grand Avenue, Saint Paul, MN 55105, USA |
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| Abstract: | This brief paper analyzes the bidding behavior in OCS oil auctions of six individual bidders (using solo bids only) and of a consortium bidder over the period 1963–1979. Included are bidders that bid over the entire period, one that bids for only a short time at the beginning, and one that first makes such bids in 1970. Our findings strongly support those reported in an earlier paper for five bidders and a brief, three-auction sample period: bidders commonly utilize multiple bids of single dollar values within a given auction. The strength of the present results – for three of the seven bidders, over 30% of the bids made fell into this category – further buttresses our conjecture that the use of continuous bid functions is inappropriate for modelling offshore oil lease auctions. |
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