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Bidding behavior in sequential cattle auctions

The objectives of this study are to investigate the institutional speci¯cs of sequential cattle auctions and their role as determinants of prices. Institutional speci¯cs are the order of sale according to quality, a secret reserve price, bidders' multi-unit demand and di®erent types of bidders. Prices decline and bidders with a higher demand pay on average lower prices. The estimation results show that declining prices are caused by the order of sale according to quality and the secret reserve price. The results further show that bidders take the strategic e®ect of sequential auctions and multi-unit demand into account.

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File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0705.pdf
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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0705.

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Date of creation: Sep 2007
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Handle: RePEc:vie:viennp:0705
Contact details of provider: Web page: http://www.univie.ac.at/vwl

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  18. von der Fehr, Nils-Henrik Morch, 1994. "Predatory Bidding in Sequential Auctions," Oxford Economic Papers, Oxford University Press, vol. 46(3), pages 345-56, July.
  19. Jeffrey M. Wooldridge, 2001. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262232197, June.
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  21. Alan S. Blinder, 1973. "Wage Discrimination: Reduced Form and Structural Estimates," Journal of Human Resources, University of Wisconsin Press, vol. 8(4), pages 436-455.
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  27. Helmut Elsinger & Christine Zulehner, 2007. "Bidding Behavior in Austrian Teasury Bond Auctions," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 109–125.
  28. Laffont, J.-J. & Loisel, P. & Robert, J., 1998. "Intra-Day Dynamics in Sequential Auctions: Theory and Estimation," Papers 98.488, Toulouse - GREMAQ.
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  30. Athey, Susan & Haile, Philip A., 2007. "Nonparametric Approaches to Auctions," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 6, chapter 60 Elsevier.
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