The case of Alaska: modeling lease sales in a mature market

In the last 20 years much of the work on oil and gas lease auctions has focused on purely theoretical issues of strategic behavior and ignored many relevant market factors.The goal of this research was to develop an applied model to explain the variation in pricing of oil and gas leases in a mature market by using data for Alaska’s “conventional” oil and gas lease sales for the years 1984 through 2003.The original motivation behind this study was to gauge the validity of certain widely held assumptions and ideas about what really impacts these markets. This article outlines these areas of interest and how they link to the variables in the model.For those unfamiliar with ...

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