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Un modèle d'estimation de la valeur des lots de bois à partir de résultats d'enchères avec invendus

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  • Raphaële Préget
  • Patrick Waelbroeck

Abstract

Timber stumpage appraisal is an important issue for Public Forest Services so as to set a relevant reserve price and to obtain a fair market value. The hedonic price function approach is a useful method to infer the appraisal timber value given that many characteristics may influence the stumpage price. We adopt the transaction-evidence timber appraisal method using a data set including timber auctions. An econometric problem arises from the fact that a large number of lots remain unsold at the end of the sales. In addition, the seller reserve price is not announced in French timber auctions. We study the variables that determine the probability that a lot will be sold or not and the implicit prices of the characteristics of the lots. We correct the bias due to the existence of unsold lots using the sample selection model of Heckman. Classification JEL : D44, C24, L73, Q23

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 57 (2006)
Issue (Month): 3 ()
Pages: 593-603

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Handle: RePEc:cai:recosp:reco_573_0593

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  1. Ashenfelter, Orley & Genesove, David, 1992. "Testing for Price Anomalies in Real-Estate Auctions," American Economic Review, American Economic Association, vol. 82(2), pages 501-05, May.
  2. D. M. Prescott & G. D. Puttock, 1990. "Hedonic Price Functions for Multi-product Timber Sales in Southern Ontario," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 38(2), pages 333-344, 07.
  3. Vincent Daniel R., 1995. "Bidding Off the Wall: Why Reserve Prices May Be Kept Secret," Journal of Economic Theory, Elsevier, vol. 65(2), pages 575-584, April.
  4. Puttock, G. David & Prescott, D.M. & Meilke, Karl D., 1989. "Stumpage Prices In Southwestern Ontario: A Hedonic Function Approach," Working Papers 123573, University of Guelph, Department of Food, Agricultural and Resource Economics.
  5. Horstmann, I.J. & LaCasse, C., 1995. "Secret Reserve Prices in a Bidding Model with a Re-Sale Option," Working Papers 9507e, University of Ottawa, Department of Economics.
  6. Elyakime, Bernard & Laffont, Jean-Jacques & Loisel, Patrice & Vuong, Quang, 1993. "First-Price Sealed-Bid Auctions with Secret Reservation Prices," IDEI Working Papers 27, Institut d'Économie Industrielle (IDEI), Toulouse.
  7. Ginsburgh, V. & Ours, J.C. van, 2003. "How to Organize Sequential Auctions: Results of a Natural Experiment by Christie's," Discussion Paper 2003-25, Tilburg University, Center for Economic Research.
  8. Gandal, Neil, 1997. "Sequential Auctions of Interdependent Objects: Israeli Cable Television Licenses," Journal of Industrial Economics, Wiley Blackwell, vol. 45(3), pages 227-44, September.
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Cited by:
  1. Gerard Marty & Raphaele Preget, 2007. "A Socio-economic Analysis of French Public Timber Sales," Working Papers - Cahiers du LEF 2007-03, Laboratoire d'Economie Forestiere, AgroParisTech-INRA.
  2. Elyakime, B. & Cabanettes, A., 2009. "How to improve the marketing of timber in France?," Forest Policy and Economics, Elsevier, vol. 11(3), pages 169-173, May.

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