Abstract
alternative bidding systems for leasing offshore oil tracts. The goal was to encourage participation by small companies by reducing the initial cost associated with the traditional bonus bid system. We analyse the results of this unique experiment. We find that although one alternative generated more bids, in general, the number of bids was no higher, the winning bids were no lower, and participation by small companies, who already use joint bids, was significantly lower than the traditional system, which appears to be superior to these alternatives.
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