论文信息 - INFORMATION EXTERNALITIES IN OIL AND GAS LEASING

INFORMATION EXTERNALITIES IN OIL AND GAS LEASING

This paper discusses the theory and measurement of information externalities in oil and gas leasing. A study of leases issued in the Gulf of Mexico reveals significant positive information externalities resulting from prior development of adjoining leases. According to a recent court decision, these effects provide an added consideration in the determination of a "fair and equitable" division of revenues from federal tracts adjoining state lands, as required by the 1978 amendments to the Outer Continental Shelf Lands Act Copyright 1984 Western Economic Association International.

Joseph E. Stiglitz | J. Stiglitz | Jeffrey J. LElTZlNGER

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