Un modèle d'estimation de la valeur des lots de bois à partir de résultats d'enchères avec invendus
Timber stumpage appraisal is an important issue for Public Forest Services so as to set a relevant reserve price and to obtain a fair market value. The hedonic price function approach is a useful method to infer the appraisal timber value given that many characteristics may influence the stumpage price. We adopt the transaction-evidence timber appraisal method using a data set including timber auctions. An econometric problem arises from the fact that a large number of lots remain unsold at the end of the sales. In addition, the seller reserve price is not announced in French timber auctions. We study the variables that determine the probability that a lot will be sold or not and the implicit prices of the characteristics of the lots. We correct the bias due to the existence of unsold lots using the sample selection model of Heckman. Classification JEL : D44, C24, L73, Q23
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- Orley Ashenfelter & David Genesove, 1992.
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- Horstmann, Ignatius J & LaCasse, Chantale, 1997.
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- Vincent Daniel R., 1995. "Bidding Off the Wall: Why Reserve Prices May Be Kept Secret," Journal of Economic Theory, Elsevier, vol. 65(2), pages 575-584, April.
- Puttock, G. David & Prescott, D.M. & Meilke, Karl D., 1989. "Stumpage Prices In Southwestern Ontario: A Hedonic Function Approach," Working Papers 123573, University of Guelph, Department of Food, Agricultural and Resource Economics.
- Gandal, Neil, 1997. "Sequential Auctions of Interdependent Objects: Israeli Cable Television Licenses," Journal of Industrial Economics, Wiley Blackwell, vol. 45(3), pages 227-244, September.
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