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Auctioning and Bargaining: An Econometric Study of Timber Auctions with Secret Reservation Prices

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  • Elyakime, Bernard, et al
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    Abstract

    This paper considers a first-place sealed-bid auction where the seller's reservation price is not announced in advance. The authors allow for a second-round of bargaining and consider the Nash bargaining outcome when the object is unsold after the auctioning round. They characterize the bidder's and seller's Bayesian-Nash equilibrium strategies. The distributions of the buyers' and sellers' private values are estimated by nonlinear least squares from auction data on standing timber while solving numerically the differential equations characterizing the equilibrium strategies. The performance of the estimated model is compared to a model in which the players behave myopically. Coauthors are Jean-Jacques Laffont, Patrice Loisel, and Quang Vuong.

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    Bibliographic Info

    Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

    Volume (Year): 15 (1997)
    Issue (Month): 2 (April)
    Pages: 209-20

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    Handle: RePEc:bes:jnlbes:v:15:y:1997:i:2:p:209-20

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    Cited by:
    1. Estache, Antonio & Quesada, Lucia, 2001. "Concession contract renegotiations : some efficiency versus equity dilemmas," Policy Research Working Paper Series 2705, The World Bank.
    2. Lu Ji & Tong Li, 2008. "Multi-round procurement auctions with secret reserve prices: theory and evidence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(7), pages 897-923.
    3. Li, Tong & Perrigne, Isabelle & Vuong, Quang, 2000. "Conditionally independent private information in OCS wildcat auctions," Journal of Econometrics, Elsevier, vol. 98(1), pages 129-161, September.
    4. Pierre Dubois & Marc Ivaldi & Thierry Magnac, 2008. "Introduction to the special issue on the Econometrics of Auctions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(7), pages 867-869.
    5. Li, Tong, 2010. "Indirect inference in structural econometric models," Journal of Econometrics, Elsevier, vol. 157(1), pages 120-128, July.
    6. Li, Tong & Zheng, Xiaoyong, 2012. "Information acquisition and/or bid preparation: A structural analysis of entry and bidding in timber sale auctions," Journal of Econometrics, Elsevier, vol. 168(1), pages 29-46.
    7. Jiao, Feng, 2011. "Bidding behaviors in eBay auctions: secret reservation price and endogenous entry," MPRA Paper 35081, University Library of Munich, Germany.
    8. Zheng, Xiaoyong, 2009. "Quantifying the cost of excess market thickness in timber sale auctions," International Journal of Industrial Organization, Elsevier, vol. 27(5), pages 553-566, September.
    9. Philippe FĂ©vrier, 2008. "Nonparametric identification and estimation of a class of common value auction models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(7), pages 949-964.
    10. Farnia, Farnoush & Frayret, Jean-Marc & LeBel, Luc & Beaudry, Catherine, 2013. "Multiple-round timber auction design and simulation," International Journal of Production Economics, Elsevier, vol. 146(1), pages 129-141.

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