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What is the cost of low participation in French Timber auctions?

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  • Raphaële PRÉGET
  • Patrick WAELBROECK

Abstract

How much is the timber from public forests worth? How can the Public Forest Service define a fair market price for standing timber lots? What is the cost of low participation in French timber auctions? To estimate the value of a timber lot we adopt the transaction-evidence appraisal approach using data from timber auctions in Lorraine (Eastern France) accounting for the facts that: (i) the seller’s reserve prices are secret, (ii) there remain many unsold lots, and (iii) the number of bidders varies from one auction to another. Taking into account the endogenous participation in our hedonic price equation for the highest bid, we estimate that, compared to lots that receive two bids, the highest bid is 22% lower when there is only one bid and 37% higher when there are three or more bids.

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File URL: http://www.lameta.univ-montp1.fr/Documents/DR2010-08.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by LAMETA, Universtiy of Montpellier in its series Working Papers with number 10-08.

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Length: 29 pages
Date of creation: Sep 2010
Date of revision: Sep 2010
Handle: RePEc:lam:wpaper:10-08

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