The Cost of OCS Bid Rejection

Paul R. Kobrin

The Energy Journal, 1986, vol. Volume 7, issue Number 1, 83-97

Abstract: The U.S. Interior Department periodically offers Outer Continental Shelf (OCS) tracts for lease at seated bid auction. The bid variable typically is the bonus, a sum paid by the lessee at commencement of the lease. A tract is awarded only to the high bidder. However, the seller often deems even the high bid insufficient, rejecting it and withholding the tract for possible laterauction.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1986
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