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A Simulated Study Of An Auction Market

Author

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  • Whan, R.B.
  • Richardson, Robert A.

Abstract

A simulated model of an auction market is developed showing the relationship between the variation in valuations, the price variation and the number of independent bidders in the market. Average prices paid in a market with two or three bidders are less than average valuations. Average prices are progressively greater than average valuations as the number of bidders increases beyond four. Some applications of this model in the Australian wool market are discussed.

Suggested Citation

  • Whan, R.B. & Richardson, Robert A., 1969. "A Simulated Study Of An Auction Market," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 13(02), December.
  • Handle: RePEc:ags:ajaeau:23005
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    File URL: http://purl.umn.edu/23005
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    References listed on IDEAS

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    1. Gruen, Fred H.G., 1964. "Some Hidden Gains And Losses Of A Wool Reserve Scheme," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 8(02), December.
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    Cited by:

    1. Hogan, J.C. & Todd, Mike C., 1979. "Empirical Tests Of Spatial And Structural Effects On Cattle Auction Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 23(03), December.
    2. Sexton, Richard J., 1993. "Noncooperative Game Theory: A Review with Potential Applications to Agricultural Markets," Research Reports 25183, University of Connecticut, Food Marketing Policy Center.

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    Keywords

    Marketing;

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