Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Ocs Leasing And Auctions: Incentives And The Performance Of Alternative Bidding Institutions, James W. Cox, R. Mark Isaac, Vernon L. Smith
Ocs Leasing And Auctions: Incentives And The Performance Of Alternative Bidding Institutions, James W. Cox, R. Mark Isaac, Vernon L. Smith
Economics Faculty Articles and Research
In Watt v. Energy Action Educational Foundation, the Supreme Court rebutted a challenge to the federal government's mix of "nontraditional" outer continental shelflease-auction mechanisms authorized under the 1978 OCS Amendments. The issues of this case addressed here include: the economic intent of the congressional language; incentive properties of various of the authorized auction processes; methodological shortcomings inherent in the implicit congressional directive for field experimentation; and, the usefulness of laboratory experimental economics in answering relevant auction-policy questions. The discussion of experimental economics includes evidence already gained from laboratory experiments relating to hypotheses about auction-market performance