Information asymmetry, trade, and drilling: evidence from an oil lease lottery
利用政府石油租赁抽签的随机分配，研究初始错配对交易、钻探和产出的影响，发现靠近现有生产的地块由企业赢得时钻探概率低约50%，信息不对称是主因。
Abstract We exploit a government oil lease lottery that randomly assigned leases to individuals and firms. We examine how initial misallocation affected trade, drilling, and production outcomes. When parcels are far from existing production, leases won by individuals have similar drilling and production outcomes as those won by firms. However, for parcels close to existing production, we find that leases are about 50% less likely to be drilled when they are won by firms. We find evidence that information asymmetries drive these results.