Determinantes do lance vencedor em leilões de petróleo e gás: Avaliando o caso brasileiro
This paper follows Rezende (2008) to investigate the determinants of bidding strategy in the Brazilian oil and gas auctions. The results indicate that strategies adopted by participants are affected by the “winner’s curse”. We also found evidence that the presence of Pe...
| Autores: | , , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2012 |
| País: | Brasil |
| Institución: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Revista Brasileira de Economia (Online) |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs.periodicos.fgv.br:article/3746 |
| Acceso en línea: | https://periodicos.fgv.br/rbe/article/view/3746 |
| Access Level: | acceso abierto |
| Palabra clave: | Leilões de Petróleo e Gás Econometria de Leilões Assimetria de Informação. leilão de petróleo econometria de leilões assimetria informacional |
| Sumario: | This paper follows Rezende (2008) to investigate the determinants of bidding strategy in the Brazilian oil and gas auctions. The results indicate that strategies adopted by participants are affected by the “winner’s curse”. We also found evidence that the presence of Petrobras has a positive effect on winning bids. Furthermore, joint bidding is compatible with competition. Finally, there is no evidence of synergies between blocks. Thus, although there is room for improvements, results of the first-price sealed auction (without the possibility of bidding for blocks packages) are not much better than possible alternatives. |
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