Vita

Selected Publications

• "The Informational Role of Spot Prices and Inventories," (with Rex Thompson), RFF Discussion Paper #12-45, September, 2012.
• "Issues in Extractive Resource Taxation: A Review of Research Methods and Models," International Monetary Fund Working Paper, August 14, 2012.
• "Modeling the Impact of Taxes on Petroleum Exploration and Development," International Monetary Fund Working Paper, August 10, 2012.
• "Does Speculation Drive Oil Prices?," Resources Magazine, Resources for the Future (forthcoming).
• "On the Portents of Peak Oil (And Other Indicators of Resource Scarcity)," Energy Policy , (vol. 44, 2012).
• "The Impact of Reserve Prices on the Perceived Bias of Expert Appraisals of Fine Art," with Clare McAndrew and Rex Thompson, Journal of Applied Econometrics, (forthcoming).
• "World Oil: Market or Mayhem," Journal of Economic Perspectives, (2009).
• "Rational Plunging and the Option Value of Sequential Investment:  The Case of Petroleum Exploration," with Rex Thompson, Quarterly Review of Economics and Finance, (2009).
• "OPEC," in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan and Kenneth A. Reinert, eds., Princeton University Press, (2009).
• "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, (2008).
• "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).
• "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)
• "Equilibrium in Auctions with Entry," American Economic Review, with Dan Levin (vol. 84, no. 3, 1994)
• “Petroleum Property Valuation: A Binominal Lattice Implementation of Option Pricing Theory”, with Eric Pickles, The Energy Journal, (vol. 14, No. 2, 1993)
• “Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases,” with James L. Paddock and Daniel R. Siegel, The Quarterly Journal of Economics (Vol. 103, No. 3, 1988)

Editorial Boards

• Editor, The Energy Journal, 2006-
• Editorial Board, Quarterly Review Of Economics and Finance, 1999-
• Editorial Board, The Energy Journal, 1998-2006
• Editorial Committee, Society of Petroleum Engineers, 1993-1996