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Cooperative Institutions for Sharing in the Oil Industry

Isaac, R. Mark (1980) Cooperative Institutions for Sharing in the Oil Industry. Social Science Working Paper, 308. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20171012-162906878

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Abstract

Exploration for oil and natural gas often produces an information externality for other resource owners. In isolation, this arrangement can lead to suboptimal exploration patterns. However, private institutions have evolved in the oil industry to provide markets for the external information. In this paper, the exploration process is modeled in a game theoretic framework in which the existence and performance of the private trading institutions are examined.


Item Type:Report or Paper (Working Paper)
Additional Information:This research was written partly while the author was funded by the John Randolph Haynes and Dora Haynes Foundation and partly while funded by the Caltech Energy Policy Project. Many helpful comments were received from Professors John Ferejohn, Roger Noll, and James Quirk, and from the Economic Theory Workshop.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
John Randolph Haynes and Dora Haynes FoundationUNSPECIFIED
Caltech Energy Policy ProjectUNSPECIFIED
Series Name:Social Science Working Paper
Issue or Number:308
Record Number:CaltechAUTHORS:20171012-162906878
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20171012-162906878
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82332
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:16 Oct 2017 17:42
Last Modified:03 Oct 2019 18:53

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