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Econometric Analysis of Cattle Auctions

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  • Christine Zulehner

Abstract

This paper provides an empirical analysis of cattle auctions taking place in Amstetten, Austria. The particular auctions we focus on are ascending or English auctions. In this market the sellers are usually farmers and the buyers are either farmers as well or resale trade firms. A further characteristic of this market are two large bidders, each representing a resale trade firm. As all important characteristics of the cattle are known the independent private value model is adopted. The parameters that characterize the distribution of bidders’ unobserved private values are then estimated using a simulated nonlinear least square estimator. ZUSAMMENFASSUNG - (Ökonometrische Analyse von Rinderauktionen) In diesem Aufsatz wird eine empirische Analyse von Rinderauktionen im Amstetten, Österreich, beschrieben. Es werden vor allem Englische Auktionen analysiert. In diesem Markt sind Verkäufer üblicherweise Bauern und Käufer entweder Bauern oder Repräsentanten von Handelsfirmen. Eine weitere Charakteristik des Marktes in Amstetten sind jene zwei Händler, die je ein Handelsunternehmen repräsentieren sowie einen relativ großen Marktanteil besitzen. Da alle wichtigen Merkmale der Rinder bekannt sind, kann das "independent private value" Modell angewandt werden. Jene Parameter, die die Verteilung der nicht beobachtbaren "private values" der Bieter charakterisieren, werden mittels simulierter nichtlinearer Kleinste-Quadrat-Schätzer berechnet.

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Bibliographic Info

Paper provided by Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG) in its series CIG Working Papers with number FS IV 98-16.

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Length: 24 pages
Date of creation: Dec 1998
Date of revision:
Handle: RePEc:wzb:wzebiv:fsiv98-16

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Keywords: applied econometrics; English auctions; private values;

References

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  1. Kenneth Hendricks & Harry J. Paarsch, 1995. "A Survey of Recent Empirical Work Concerning Auctions," Canadian Journal of Economics, Canadian Economics Association, vol. 28(2), pages 403-26, May.
  2. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
  3. Laffont, J.-J. & Loisel, P. & Robert, J., 1998. "Intra-Day Dynamics in Sequential Auctions: Theory and Estimation," Papers 98.488, Toulouse - GREMAQ.
  4. Pakes, Ariel & Pollard, David, 1989. "Simulation and the Asymptotics of Optimization Estimators," Econometrica, Econometric Society, vol. 57(5), pages 1027-57, September.
  5. Donald, S.G. & Paarsch, H.J., 1992. "Maximum Likelihood Estimation in Empirical Models of Auctions," UWO Department of Economics Working Papers 9211, University of Western Ontario, Department of Economics.
  6. Daniel McFadden, 1987. "A Method of Simulated Moments for Estimation of Discrete Response Models Without Numerical Integration," Working papers 464, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Hausch, Donald B., 1988. "A model of sequential auctions," Economics Letters, Elsevier, vol. 26(3), pages 227-233.
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