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🧵 NEW RESEARCH with Eric Lewis and @dioenescfg.bsky.social! What happens when #auction sellers can't credibly #commit to their reserve prices? Our new paper examines this classic question in the context of federal #BLM auctions of #oil & #gas #leases. PAPER: dx.doi.org/10.2139/ssrn...
11mo
We study the impact of seller commitment in US federal auctions for mineral rights. These featured binding reserve prices but allowed secondary sales, called no
dx.doi.org
Seller Commitment to Reserve Prices: Revenue Implications for Federal Mineral Auctions *
Mark Agerton