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Tenders for European Cereal Export Refunds: A Structural Approach

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  • Bourgeon, Jean-Marc
  • Le Roux, Yves

Abstract

A large part of the EU's export refunds are awarded through tender procedures. We apply auction theory to model the traders' behaviour for weekly tenders of soft wheat intervention stocks. Specification and estimation of the optimal bidding strategy are developed under two opposing assumptions about the traders' valuation of grain, each corresponding to a particular functioning of international soft wheat and related markets. This structural approach allows us to conclude that the traders' market power is relatively weak. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Bourgeon, Jean-Marc & Le Roux, Yves, 1996. "Tenders for European Cereal Export Refunds: A Structural Approach," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 23(1), pages 5-26.
  • Handle: RePEc:oup:erevae:v:23:y:1996:i:1:p:5-26
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    References listed on IDEAS

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    1. 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.
    2. repec:adr:anecst:y:1994:i:34 is not listed on IDEAS
    3. Laffont, Jean-Jacques & Vuong, Quang, 1993. "Structural econometric analysis of descending auctions," European Economic Review, Elsevier, vol. 37(2-3), pages 329-341, April.
    4. Graham, Daniel A & Marshall, Robert C & Richard, Jean-Francois, 1990. "Differential Payments within a Bidder Coalition and the Shapley Value," American Economic Review, American Economic Association, vol. 80(3), pages 493-510, June.
    5. Harry J. Paarsch, 1994. "A Comparison of Estimators for Empirical Models of Auctions," Annals of Economics and Statistics, GENES, issue 34, pages 115-141.
    6. Levin, Dan & Smith, James L, 1991. "Some Evidence on the Winner's Curse: Comment," American Economic Review, American Economic Association, vol. 81(1), pages 370-375, March.
    7. Catherine Pivot, 1983. "Le blé français face à l'environnement international," Post-Print hal-00744708, HAL.
    8. repec:adr:anecst:y:1994:i:34:p:05 is not listed on IDEAS
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    Cited by:

    1. Wilson, William W. & Dahl, Bruce L., 2000. "Import Tenders And Bidding Strategies In Wheat," Agricultural Economics Reports 23285, North Dakota State University, Department of Agribusiness and Applied Economics.
    2. Hervé Guyomard & Nadine Herrard & Chantal Le Mouel & Yves Le Roux & Thierry Trochet, 1996. "L'accord agricole de l'Uruguay Round et la réforme de la Politique Agricole Commune : éléments d'analyse et de prospective," Working Papers hal-01594019, HAL.
    3. Tostao, Emilio & Chung, Chanjin & Brorsen, B. Wade, 2006. "Integrating the Structural Auction Approach and Traditional Measures of Market Power," 2006 Annual meeting, July 23-26, Long Beach, CA 21244, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. John M. Crespi & Richard J. Sexton, 2004. "Bidding for Cattle in the Texas Panhandle," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(3), pages 660-674.
    5. William W. Wilson & Bruce L. Dahl, 2004. "Transparency and Bidding Competition in International Wheat Trade," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 52(1), pages 89-105, March.
    6. Roeber, Ronald, 2002. "Linear Feedback Between European Wheat Export Refunds And World Wheat Prices," 2002 Annual meeting, July 28-31, Long Beach, CA 19847, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Bernard Elyakime & Patrice Loisel, 1997. "Asymétrie dans des enchères à prix de retrait secret," Revue Économique, Programme National Persée, vol. 48(4), pages 835-851.

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