This paper studies federal auctions for wildcat leases on the Outer Continental Shelf from 1959 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...

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...

We propose a conformant likelihood estimator with exogeneity restrictions (CLEER) for random coefficients discrete choice demand models that is applicable in a broad range of data settings. It combines the likelihoods of two mixed logit estimators--one for consumer level data, and one for...

This paper estimates individual treatment effects in a triangular model with binary — valued endogenous treatments. Following the identification strategy established in Vuong and Xu (2015), we propose a two — stage estimation approach. First, we estimate the counterfactual outcome and hence...