Education Ph.D., Harvard University, 1977
M.A., Harvard University, 1976
B.S., University of Illinois, 1972
Areas of Expertise Microeconomic Theory Energy Economics
Managerial Economics Courses Taught Graduate/ Undergraduate: Energy Economics
Game Theory
Managerial Economics
Current Research
International Oil Market
Auction Theory
Real Options
Energy Finance and Risk Management
Consulting Engagements
U.S. Department of Energy
Marathon Oil Company
ConocoPhillips, Inc.
British Petroleum, p.l.c.
Saudi Aramco
ExxonMobil Corp.
Alaska Oil and Gas Conservation Commission
Selected Publications
“Rational Plunging and the Option Value of Sequential Investment: The Case of Petroleum Exploration,” with Rex Thompson, Quarterly Review of Economics and Finance, (forthcoming).
“OPEC: Organization of the Petroleum Exporting Countries,” in The New Palgrave Dictionary of Economics, 2nd ed., Steven Durlauf and Lawrence Blume, eds., London: Palgrave Macmillan (forthcoming).
“Managing a Portfolio of Real Options: Sequential Exploration of Dependent Prospects,” with Rex Thompson, The Energy Journal (Special Issue to Acknowledge the Contributions of Campbell Watkins to Energy Economics, 2008).
“OPEC,” in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan and Kenneth A. Reinert, eds., Princeton University Press (forthcoming).
"Petroleum Prospect Valuation and the Option to Drill Again," The Energy Journal (vol. 26, no. 4, 2005)
"Inscrutable OPEC: Behavioural Tests of the Cartel Hypothesis," The Energy Journal (vol. 26, no. 1, 2005)
"Political Constraints on Government Cartelization: The Case of Oil Production Regulation in Texas and Saudi Arabia," with Gary D. Libecap, in How Cartels Endure and How They Fail: Studies of Industrial Collusion, Peter Z. Grossman, ed., Edward Elgar Publishing Ltd., Cheltenham, UK (2004)
"Petroleum Property Valuation." Encyclopedia of Energy, Cutler J. Cleveland, ed. Academic Press (March, 2004)
"The Economic Evolution of Petroleum Propery Rights in the United States," with Gary D. Libecap, Journal of Legal Studies (vol. 31, no. 2, June 2002)
"Oil and the Economy: Introduction," Quarterly Review of Economics and Finance (vol. 42, 2002)
"Entry Coordination in Auctions and Social Welfare: An Experimental Investigation," International Journal of Game Theory, with Dan Levin (vol. 30, no. 3, 2001)
"Regulatory Remedies to the Common Pool: The Limits of Oil Field Unitization," The Energy Journal, with Gary D. Libecap (vol. 22. no. 1, 2001)
"Optimal Reservation Prices in Auctions", Economic Journal, with Dan Levin (vol.106, no. 438, 1996)
"Ranking Auctions with Risk Averse Bidders", Journal of Economic Theory, with Dan Levin (vol. 68, no. 2, 1996)
"On the Cost of Lost Production from Russian Oilfields", The Energy Journal ( vol. 16. no. 2, 1995)[ selected as "Best Paper-1995"]
"Equilibrium in Auctions with Entry," American Economic Review, with Dan Levin (vol. 84, no. 3, 1994)
Professional Service
Editor, The Energy Journal, 2006-
Editorial Board, Quarterly Review Of Economics and Finance, 1999-
Executive Council, U.S Association for Energy Economics, 2005-
Editorial Board, The Energy Journal, 1998-2006
Editorial Committee, Society of Petroleum Engineers, 1993-1996
