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Per-unit bidding rules and buyer under-performance in natural resource sales

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Author Info
Frank Rusco
W. David Walls

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Abstract

In this article, we examine the role of per-unit bidding rules on firm-level contractual performance. In particular, we test the hypothesis that buyers will act on incentives to under-perform when bids are accepted in per-unit form. The empirical application uses data from per-unit auction sales of US Forest Service timber. The statistical analysis indicates that buyers systematically undercut when per-unit bids exceed the value of individual units of timber.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705901&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics Letters.

Volume (Year): 15 (2008)
Issue (Month): 2 ()
Pages: 79-83
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Handle: RePEc:taf:apeclt:v:15:y:2008:i:2:p:79-83

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