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A Simulated Study Of An Auction Market


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  • Whan, R.B.
  • Richardson, Robert A.
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    A simulated model of an auction market is developed showing the relationship between the variation in valuations, the price variation and the number of independent bidders in the market. Average prices paid in a market with two or three bidders are less than average valuations. Average prices are progressively greater than average valuations as the number of bidders increases beyond four. Some applications of this model in the Australian wool market are discussed.

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    Bibliographic Info

    Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

    Volume (Year): 13 (1969)
    Issue (Month): 02 (December)

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    Handle: RePEc:ags:ajaeau:23005

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    Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
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    Keywords: Marketing;


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    1. Gruen, Fred H.G., 1964. "Some Hidden Gains And Losses Of A Wool Reserve Scheme," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 8(02), December.
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    Cited by:
    1. Sexton, Richard J., 1993. "Noncooperative Game Theory: A Review with Potential Applications to Agricultural Markets," Research Reports, University of Connecticut, Food Marketing Policy Center 25183, University of Connecticut, Food Marketing Policy Center.
    2. Hogan, J.C. & Todd, Mike C., 1979. "Empirical Tests Of Spatial And Structural Effects On Cattle Auction Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 23(03), December.


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