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Information and Competition in U.S. Forest Service Timber Auctions

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Author Info
Susan Athey
Jonathan Levin

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Abstract

This paper analyzes the role of private information in U.S. Forest Service timber auctions. In these auctions, firms bid a per unit price for each timber species. Total bids are computed by multiplying these prices by Forest Service volume estimates, but payments depend on actual volumes harvested. We develop an equilibrium theory for these auctions. We then relate (ex post) data about volume to (ex ante) bids. We show that bidders have private information about volumes of species and use it as predicted by theory. Differences in bidder estimates appear to affect the allocation of tracts, but competition limits information rents.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 109 (2001)
Issue (Month): 2 (April)
Pages: 375-417
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Handle: RePEc:ucp:jpolec:v:109:y:2001:i:2:p:375-417

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This page was last updated on 2009-11-16.

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