Offshore Oil/Gas Lease Bidding and the Weibull Distributions
Abstract
**Please note that the full text is embargoed** ABSTRACT: It is the purpose of this paper to study the use of the Weibull distribution as an acceptable model for the distribution of the bids on a lease. A multi-sample test procedure of the Weibull-bids hypothesis will be given and implemented to show that the Weibull distribution provides a better statistical fit than does the lognormal distribution for the group of 13-, 14-, 15-, and 16-bid leases.