Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina
Fil: Peruchin, Tomas Francisco. Universidad de San Andrés. Departamento de Economía; Argentina.
Guardado en:
| Autor principal: | |
|---|---|
| Otros Autores: | |
| Formato: | Tesis Tesis de maestría updatedVersion |
| Lenguaje: | Inglés |
| Publicado: |
Universidad de San Andrés. Departamento de Economía
2025
|
| Acceso en línea: | https://repositorio.udesa.edu.ar/handle/10908/26128 |
| Aporte de: |
| id |
I37-R143-10908-26128 |
|---|---|
| record_format |
dspace |
| spelling |
I37-R143-10908-261282025-12-18T03:00:57Z Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina Peruchin, Tomas Francisco Quesada, Lucía Fil: Peruchin, Tomas Francisco. Universidad de San Andrés. Departamento de Economía; Argentina. This thesis examines the design of petroleum exploration and production (E&P) rights auctions in Argentina, emphasizing the theoretical and policy implications of President Milei’s 2024 Ley Bases reform to Hydrocarbon Law 17,319, which introduced royalty bidding as an alternative to the prevailing investment-commitment framework. The study develops a Bayesian auction model in which firms, facing incomplete information, compete after receiving noisy private signals regarding the tract’s underlying value. Two mechanisms are examined: (i) workcommitment bidding, where competition is based on the scale of exploration and production expenditures under a flat royalty; and (ii) royalty bidding, where firms bid a royalty rate rather than committing to a fixed investment level. The symmetric Bayesian Nash equilibrium is characterized by numerically solving coupled integro-differential equations, calibrated to the specific conditions of Argentina’s hydrocarbon sector. The analysis reveals a key policy tradeoff: royalty bidding enhances government rent capture but exposes the state to greater fiscal volatility, whereas work-commitment schemes provide more stable, though typically smaller, revenue flows, limiting the upside from high-quality tracts. 2025-12-17T17:27:07Z 2025-12-17T17:27:07Z 2025-11 Tesis info:eu-repo/semantics/masterThesis info:ar-repo/semantics/tesis de maestría info:eu-repo/semantics/updatedVersion https://repositorio.udesa.edu.ar/handle/10908/26128 eng info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf application/pdf Universidad de San Andrés. Departamento de Economía |
| institution |
Universidad de San Andrés |
| institution_str |
I-37 |
| repository_str |
R-143 |
| collection |
Repositorio Digital - Universidad de San Andrés (UdeSa) |
| language |
Inglés |
| description |
Fil: Peruchin, Tomas Francisco. Universidad de San Andrés. Departamento de Economía; Argentina. |
| author2 |
Quesada, Lucía |
| author_facet |
Quesada, Lucía Peruchin, Tomas Francisco |
| format |
Tesis Tesis de maestría Tesis de maestría updatedVersion |
| author |
Peruchin, Tomas Francisco |
| spellingShingle |
Peruchin, Tomas Francisco Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina |
| author_sort |
Peruchin, Tomas Francisco |
| title |
Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina |
| title_short |
Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina |
| title_full |
Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina |
| title_fullStr |
Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina |
| title_full_unstemmed |
Shifting the bidding game: reform of auction design for petroleum exploration and production rights in Argentina |
| title_sort |
shifting the bidding game: reform of auction design for petroleum exploration and production rights in argentina |
| publisher |
Universidad de San Andrés. Departamento de Economía |
| publishDate |
2025 |
| url |
https://repositorio.udesa.edu.ar/handle/10908/26128 |
| work_keys_str_mv |
AT peruchintomasfrancisco shiftingthebiddinggamereformofauctiondesignforpetroleumexplorationandproductionrightsinargentina |
| _version_ |
1854267099307835392 |