Auctioning and Bargaining
An Econometric Study of Timber Auctions With Secret Reservation Prices
Bibliographic Data
| ID | 19418944 |
|---|---|
| Authors | Bernard Elyakime (0000-0001-9849-1570, Laboratoire d'études rurales), Jean-Jacques Laffont (Institut Universitaire de France), Patrice Loisel (0000-0001-5250-6204, Génétique Physiologie et Systèmes d'Elevage), Quang Vuong (University of Southern California) |
| Year | 1997 |
| Volume | 15 |
| Issue | 2 |
| Pages | 209-220 |
| Publication date | 1997-04-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Business and Economic Statistics (JOURNAL) |
| Journal identifiers | ISSN: 0735-0015 • E-ISSN: 1537-2707 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/07350015.1997.10524701 |
| OpenAlex | W4308765127 |
| Language | EN |
| Citations received | 1 |
| References cited | 13 |
This article considers a first-price sealed-bid auction at which the seller's reservation price is not announced in advance. We allow for a second round of bargaining and consider the Nash bargaining outcome when the object is unsold after the auctioning round. We characterize the bidders' and seller's Bayesian Nash equilibrium strategies. The distributions of the buyers' and seller's private values are estimated by nonlinear least squares from auction data on standing timber, while solving numerically the differential equations characterizing the seller's and buyers' equilibrium strategies. The performance of the estimated model is then compared to a model in which the players behave myopically
Business · Commerce · Common value auction · Computer network · Economics · Microeconomics · Reservation · Reservation price · Auction Theory and Applications · Computer Science · Economic and Environmental Valuation · Forest Management and Policy
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Specification Tests in Econometrics
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| Citations per year | 0.04 |
|---|---|
| Citation span | 2003 - 2003 (1) |
| Highly cited | No |