Abstract
Since 1968 the US Geological Survey has been setting pre-sale values on tracts offered for lease on the Outer Continental Shelf. Results of a study of the behavior of these values in relation to the number and size of bids received and the subsequent production are reported here. It is seen that pre-sale values, number of bids, high bid, average bid, and production generally all increase together. While attempts to quantify these relationships as part of a unified theory applicable from sale to sale have not been successful, log-log regression fits resulted in similar models for many of the sales. Two remarkable sales were also discovered - they had almost perfect linear relations between log bids and log pre-sale values.
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