Patchwork Policies, Spillovers, and the Search for Oil and Gas

• 成果类型: Article
• 署名作者: Lewis, Eric
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20160373
• 发表日期: 2019
• 页码: 380-405
• 关键词: common-pool; INFORMATION; externalities

摘要

The United States has a complex patchwork of mineral ownership, where rights to oil and gas may be owned by the federal government state governments, or private agents. I show why the policies imposed by one owner have theoretically ambiguous spillover effects on the drilling and production outcomes of neighboring plots of land. Exploiting a natural experiment in Wyoming with exogenous ownership assignment, I find significant spillovers: federal land close to state land has a lower probability of drilling than federal land far front state land. (JEL H82, L71, P14,Q35, Q38)