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Traders' bidding strategies on EU grain export refunds : an analysis with limited dependent variables

Author

Listed:
  • Jean-Marc Bourgeon

    (UPN - Université Paris Nanterre)

  • Y. Le Roux

    (ESR - Unité de recherche d'Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique)

Abstract

Grâce à une spécification d'une distribution multivariée de l'information détenue par les opérateurs et dans le cas où cette distribution présente de faibles corrélations, sont spécifiées les stratégies d'offre des opérateurs lors des adjudications de stocks d'intervention de blé tendre européen. Il peut être mis en évidence que les corrélations ont des effets opposés sur les stratégies d'offre, suivant les hypothèses retenues pour la valorisation du bien par les acheteurs. Cette approche structurelle permet d'estimer les stratégies d'offre selon deux méthodes économétriques. En particulier, est estimé ici le modèle avec corrélation sous l'hypothèse de valeur commune.

Suggested Citation

  • Jean-Marc Bourgeon & Y. Le Roux, 1999. "Traders' bidding strategies on EU grain export refunds : an analysis with limited dependent variables," Working Papers hal-02290683, HAL.
    • Handle: RePEc:hal:wpaper:hal-02290683
    Note: View the original document on HAL open archive server: https://hal.science/hal-02290683
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    References listed on IDEAS

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    1. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
    2. Bourgeon, Jean-Marc & Le Roux, Yves, 1996. "Tenders for European Cereal Export Refunds: A Structural Approach," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 23(1), pages 5-26.
    3. Paarsch, Harry J., 1992. "Deciding between the common and private value paradigms in empirical models of auctions," Journal of Econometrics, Elsevier, vol. 51(1-2), pages 191-215.
    4. Thiel, Stuart E, 1988. "Some Evidence of the Winner's Curse," American Economic Review, American Economic Association, vol. 78(5), pages 884-895, December.
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