Assimetrias entre os competidores nos leilões da anp

Abstract

This article investigates asymmetries among bidders in the bidding for oil in Brazil, by comparing statistically the distributions of bids. Distributions are estimated by nonparametric procedures. An exploratory analysis of the bids, containing several combinations of players, confirmed the expectation that there are asymmetries in favor of Petrobras and OGX. We compare the distributions and test differences using the Kolmogorov- Smirnov test. The results support the hypothesis of asymmetries, but there is stylized evidence consistent with both informational and cost asymmetries.