Auctions with Resale Markets: An Application to U.S. Forest Service Timber Sales
This paper presents a model of auctions with resale which is then applied to sales of timber harvesting contracts held by the U.S. Forest Service. After a contract is sold, there is often a considerable delay before harvesting must begin, and each firm's uncertainty regarding the value it places on the contract may be resolved in the interim. Because contracts can be transferred in some circumstances and can always be subcontracted, bidding may reflect the presence of a resale market in which the ex post gains to trade can be exploited. An analysis of the data yields results which support the predictions of the model.
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|Date of creation:||1997|
|Contact details of provider:|| Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.|
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Susan Athey & Jonathan Levin, 2001.
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- Levin, Jonathan & Athey, Susan, 2001. "Information and Competition in U.S. Forest Service Timber Auctions," Scholarly Articles 3612768, Harvard University Department of Economics.
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