Determinants of the Timing and Incidence of Exploratory Drilling on Offshort Wildcat Tracts

This paper documents exploratory drilling activity on offshore wildcat oil and gas leases in the Gulf of Mexico that were sold between 1954 and 1990, with emphasis on the period before 1980. For each year of the lease, we study the determinants of the decision whether or not to begin exploratory drilling, and the outcome of any drilling activity. Our results indicate that equilibrium predictions of plausible noncooperative models are reasonably accurate, and more descriptive than those of cooperative models of drilling timing. We discuss why noncooperative behavior may occur, and the potential gains from coordination.

Bidding Rings and the Winner's Curse: The Case of Federal Offshore Oil and Gas Lease Auctions

This paper extends the theory of legal cartels to affiliated private value and common value environments, and applies the theory to explain joint bidding patterns in U.S. federal government offshore oil and gas lease auctions. We show that efficient collusion is always possible in private value environments, but may not be in common value environments. In the latter case, fear of the winner's curse can cause bidders not to bid, which leads to inefficient trade. Buyers with high signals may be better off if no one colludes. The bid data is consistent with oil and gas leases being common value assets, and with the prediction that the winner's curse can prevent rings from forming on marginal tracts.

Heat transfer in aerospace propulsion

Presented is an overview of heat transfer related research in support of aerospace propulsion, particularly as seen from the perspective of the NASA Lewis Research Center. Aerospace propulsion is defined to cover the full spectrum from conventional aircraft power plants through the Aerospace Plane to space propulsion. The conventional subsonic/supersonic aircraft arena, whether commercial or military, relies on the turbine engine. A key characteristic of turbine engines is that they involve fundamentally unsteady flows which must be properly treated. Space propulsion is characterized by very demanding performance requirements which frequently push systems to their limits and demand tailored designs. The hypersonic flight propulsion systems are subject to severe heat loads and the engine and airframe are truly one entity. The impact of the special demands of each of these aerospace propulsion systems on heat transfer is explored

Empirical Implications of Equilibrium Bidding in First-Price, Symmetric, Common Value Auctions

This paper studies federal auctions for wildcat leases on the Outer Continental Shelf from 1954 to 1970. These are leases where bidders privately acquire (at some cost) noisy, but equally informative, signals about the amount of oil and gas that may be present. We develop a test of equilibrium bidding in a common values model that is implemented using data on bids and ex post values. We compute bid markups and rents under the alternative hypotheses of private and common values and find that the data are more consistent with the latter hypothesis. Finally, we use data on tract location and ex post values to test the comparative static prediction in common value auctions that bidders may bid less aggressively when they expect more competition.

Potential Carbon Negative Commercial Aviation through Land Management

Brazilian terra preta soil and char-enhanced soil agricultural systems have demonstrated both enhanced plant biomass and crop yield and functions as a carbon sink. Similar carbon sinking has been demonstrated for both glycophyte and halophyte plants and plant roots. Within the assumption of 3.7 t-C/ha/yr soils and plant root carbon sinking, it is possible to provide carbon neutral U.S. commercial aviation using about 8.5% of U.S. arable lands. The total airline CO2 release would be offset by carbon credits for properly managed soils and plant rooting, becoming carbon neutral for carbon sequestered synjet processing. If these lands were also used to produce biomass fuel crops such as soybeans at an increased yield of 60 bu/acre (225gal/ha), they would provide over 3.15 10(exp 9) gallons biodiesel fuel. If all this fuel were refined into biojet it would provide a 16% biojet-84% synjet blend. This allows the U.S. aviation industry to become carbon negative (carbon negative commercial aviation through carbon credits). Arid land recovery could yield even greater benefits

Natural areas : concepts, legislation, selection, and management

The major objectives of this study were to identify those factors that have contributed to the success of state natural area programs. The study was directed toward state programs that have been legislatively enacted and is intended to benefit state administrators of new programs and those interested in the establishment of such programs. Main sources of information were documents furnished by state natural areas administrators and managers, enabling legislation for these systems, and correspondence and inter-views with professionals associated with federal and state natural areas. In developing a natural areas philosophy, the history and concepts of the natural areas movement were presented. Only recently has society recognized the scientific, educa-tional and recreational values of such areas. The U. S. Forest Service has been setting aside tracts of land for scientific and educational reasons since the 1920\u27s. In the last 25 years state and private organizations have become increasingly involved, and state programs now number over 30. Although areas set aside for scientific and educational reasons are commonly referred to as nature preserves or natu-ral areas, the term ecological reserves is suggested because of the broader concepts associated with its use. It was determined that to date, Illinois had developed the best approach for the establishment of an ecological re-serve system. Its legislation recognizes most of the criteria used to define ecological reserves. Reserves are established primarily for their educational and scientific value, as refugium for rare species, and secondly, as recreational areas. Inventories of prospective ecological reserves have been or are presently being conducted in most states with natural area programs. In order to standardize evaluation of prospective areas, criteria have been established for their identification and selection. Ranking schemes are used in the selection of reserves, but the true meaning of derived scores and their tendency to mask distinguishing character-istics restrict their usefulness. Management efforts on ecological reserves have been limited because of a lack of funding and experience. They include complete protection, simulation or maintenance of natural disturbance, restoration of ecosystems, and the maintenance of man-dominated ecosystems. Legislative protection is needed for areas of educa-tional and scientific interest. Legislation that recognizes the conditions for ecological reserves, their purpose, and specific management goals is more likely to be successful. In order to insure that a future state system includes areas that best exemplify phenomena of interest, a detailed inven-tory of potential areas must be conducted. Areas included in the system will require accurate and detailed management plans, dependent on adequate funding

Don\u27t Take Me out to That Ballpark: State Action, Government Speech, and Chief Wahoo after Matal

Close your eyes and imagine yourself driving to a concert. On the way, you pass a car bearing a license plate with the image of a Confederate flag. You pause, and ask . . . Did the state approve that license plate? Does the state endorse the use of the Confederate flag? You keep driving. Eventually you reach the concert and walk in. To your surprise, an Asian- American band named “The Slants” is opening. You pause, and ask . . . I thought the government approves trademarks? Does the Patent and Trademark Office endorse derogatory slurs? These questions strike at the heart of government speech—a doctrine which allows the government to speak as it pleases. Why is a license plate government speech, but a trademark not? On what basis can a court distinguish between the two? Given that government speech occurs outside of First Amendment protections, the answer has profound implications. And that answer may come from left field. The Cleveland Indians’ controversial logo, Chief Wahoo, provides the perfect context for explaining why a license plate is government speech while a band’s trademark is not. Before the publication of this Note, the Indians announced that, starting in 2019, they would remove Chief Wahoo from their jerseys. Even though the removal is a step forward in respecting indigenous communities, Chief Wahoo will continue to appear on team merchandise and will remain on the team’s jerseys for the 2018 season. This Note examines how Chief Wahoo’s appearance in the publicly-owned Progressive Field may constitute government speech. To do so, this Note introduces basic principles for reconceptualizing government speech after Matal—understanding government speech as a subset of state action and thus applying state action tests to discern the line between government speech and private speech