The Statistical Structure of Bidding for Oil and Mineral Rights
作者:
ChesterR. Pelto,
期刊:
Journal of the American Statistical Association
(Taylor Available online 1971)
卷期:
Volume 66,
issue 335
页码: 456-460
ISSN:0162-1459
年代: 1971
DOI:10.1080/01621459.1971.10482285
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
Analysis of lease auctions shows that bids on a given tract tend to be lognormally distributed. Also, the ratio of the winning bid to the product of the average bid and the square root of the number of bidders on a tract is essentially a lognormal variate; the logarithm of the ratio has expected value zero and variance 0.078. This surprising result follows from an observed consistency in the standard deviation of the underlying lognormal distribution of bids. A graphic device for rapidly evaluating the efficacy and efficiency of an observed bidding policy is described.
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