James C. Cox Dr. Cox, of the University of Arizona's Department of Economics, is well known for his knowledge of auction theory and the application of experimental economics for analyzing auctions. As a Udall Center fellow, Dr. Cox will research the various types of auctions that are used to grant rights for natural resource development on public lands. Understanding the impact of sale method on resource development is necessary to plan the efficient use of public resources in accordance with public-policy goals. As an economist interested in studies with direct policy applications as well as in basic research, Dr. Cox has investigated energy policy, nunimum-wage policy, incentive regulation of public utilities, defense procurement, and unemployment insurance. He has conducted research on consumption and investment theory, including articles on public expenditure theory.
Evidence exists that method of selling has a strong impact on sale outcome.
Lands Act Amendments of 1978. Recent events in the Middle East will undoubtedly increase pressure for rapid development of OCS oil and gas-resources. Dr. Cox will attempt to determine how the government can best lease public resources for development while achieving such publicpolicy goals as efficient development and, recovery of fair market value for public resources. In the applied phase, Dr. Cox will analyze data from field auctions of OCS oil and gas leases. The basic research will include theoretical studies and experimental tests of the theory of natural resource lease auctions.