Econometric analysis of the impact of market concentration on prices in the offshore drilling rig market

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Title: Econometric analysis of the impact of market concentration on prices in the offshore drilling rig market
Author: Onwuka, Amanda Chiderah
Abstract: This thesis presents an econometric methodology for analyzing the impact of market concentration (HHI ) on the day rate prices paid by E &P operators for the lease of drilling rigs . It is an extension of the work of Lee (2008 ) , ‘Measuring the Impact of Concentration in the Drilling Rig Market’ . Specifically , the work entailed using a more detailed time series data than was initially used (quarterly ) , analyzing impact of concentration on day rate prices by water depth specification of drilling rigs , and accounting for the impact of autocorrelation on the analysis . The results for jack -ups , without adjustment for autocorrelation , supported the results of the prior study i .e . showing that increase in HHI causes rig day rate price increase . However , the results for semi -submersibles was inconclusive as it varied from region to region and also was contrary to the assumptions of positive relationships between HHI and day rate prices made in this study . These results imply that market concentration caused both price increase and decrease within the industry depending on whether it increased market power or increased cost efficiency and technological ability .
URI: http : / /hdl .handle .net /2152 /ETD -UT -2010 -12 -2343
Date: 2011-02-16

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Econometric analysis of the impact of market concentration on prices in the offshore drilling rig market. Master's thesis, University of Texas at Austin. Available electronically from http : / /hdl .handle .net /2152 /ETD -UT -2010 -12 -2343 .

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