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Mergers, Cartels, Set-Asides, and Bidding Preferences in Asymmetric Oral Auctions

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Author Info
Lance Brannman
Luke M. Froeb

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Abstract

From bidding data, we estimate the underlying value distribution for Forest Service timber. We find that bidder values decrease $2/mbf (thousand board feet) with each mile from the tract and that small firms (fewer than 500 employees) have values that are $72/mbf lower than large firms. The empirical value distribution is used to simulate various hypothetical scenarios designed to inform public policy. The most anticompetitive mergers raise price by less than 3%, and a 4% decline in marginal costs through greater merger efficiencies is enough to offset a 1% anticompetitive price increase. Eliminating the SBA set-aside program would raise timber revenues by 15%. A policy of granting bidding preferences to small and more-distant bidders would raise revenue by approximately one-tenth of one percent. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 82 (2000)
Issue (Month): 2 (May)
Pages: 283-290
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Handle: RePEc:tpr:restat:v:82:y:2000:i:2:p:283-290

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  1. Harrison Cheng, 2005. "Ranking Sealed High-Bid and Open Asymmetric Auctions," IEPR Working Papers 05.26, Institute of Economic Policy Research (IEPR). [Downloadable!]
  2. Srabana Gupta, 2001. "The Effect of Bid Rigging on Prices: A Study of the Highway Construction Industry," Review of Industrial Organization, Springer, vol. 19(4), pages 451-465, December. [Downloadable!] (restricted)
  3. Gregory J. Werden, Luke M. Froeb, James Langenfeld, 2000. "Lost Profits from Patent Infringement: The Simulation Approach," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 7(2), pages 213-227, July. [Downloadable!] (restricted)
  4. Keith Waehrer & Martin Perry, 2002. "The Effects of Mergers in Open Auction Markets," Departmental Working Papers 200203, Rutgers University, Department of Economics. [Downloadable!]
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  5. Ivaldi, Marc & Motis, Jrissy, 2007. "Mergers as Auctions," IDEI Working Papers 461, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
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