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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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  1. Laffont, Jean-Jacques & Ossard, Herve & Vuong, Quang, 1995. "Econometrics of First-Price Auctions," Econometrica, Econometric Society, vol. 63(4), pages 953-80, July.
  2. Laffont, Jean-Jacques, 1997. "Game theory and empirical economics: The case of auction data 1," European Economic Review, Elsevier, vol. 41(1), pages 1-35, January.
  3. Harry J. Paarsch & Han Hong, 2006. "An Introduction to the Structural Econometrics of Auction Data," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262162350, June.
  4. Engelbrecht-Wiggans, Richard & Kahn, Charles M., 1999. "Calibration of a model of declining prices in cattle auctions," The Quarterly Review of Economics and Finance, Elsevier, vol. 39(1), pages 113-128.
  5. Jeitschko, Thomas D., 1999. "Equilibrium price paths in sequential auctions with stochastic supply," Economics Letters, Elsevier, vol. 64(1), pages 67-72, July.
  6. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, June.
  7. Katzman, Brett, 1999. "A Two Stage Sequential Auction with Multi-Unit Demands," Journal of Economic Theory, Elsevier, vol. 86(1), pages 77-99, May.
  8. Gerard J. van den Berg & Jan C. van Ours & Menno P. Pradhan, 2001. "The Declining Price Anomaly in Dutch Dutch Rose Auctions," American Economic Review, American Economic Association, vol. 91(4), pages 1055-1062, September.
  9. Haile,P.A. & Tamer,E.T., 2000. "Inference with an incomplete model of English auctions," Working papers 18, Wisconsin Madison - Social Systems.
  10. Lawrence M. Ausubel, 2004. "An Efficient Ascending-Bid Auction for Multiple Objects," American Economic Review, American Economic Association, vol. 94(5), pages 1452-1475, December.
  11. McAfee R. Preston & Vincent Daniel, 1993. "The Declining Price Anomaly," Journal of Economic Theory, Elsevier, vol. 60(1), pages 191-212, June.
  12. David Neumark, 1987. "Employers' discriminatory behavior and the estimation of wage discrimination," Special Studies Papers 227, Board of Governors of the Federal Reserve System (U.S.).
  13. 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.
  14. 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.
  15. Fl. Menezes & P.K.Monteiro, 1994. "Sequential Asymmetric Auctions With Endogenous Participation," Microeconomics 9402001, EconWPA, revised 09 Jun 1994.
  16. Paarsch, Harry J., 1997. "Deriving an estimate of the optimal reserve price: An application to British Columbian timber sales," Journal of Econometrics, Elsevier, vol. 78(2), pages 333-357, June.
  17. Oaxaca, Ronald, 1973. "Male-Female Wage Differentials in Urban Labor Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(3), pages 693-709, October.
  18. Christopher Avery, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Oxford University Press, vol. 65(2), pages 185-210.
  19. Kjell G. Nyborg & Kristian Rydqvist & Suresh M. Sundaresan, 2002. "Bidder Behavior in Multiunit Auctions: Evidence from Swedish Treasury Auctions," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 394-424, April.
  20. Eklof, Matias & Lunander, Anders, 2003. "Open outcry auctions with secret reserve prices: an empirical application to executive auctions of tenant owner's apartments in Sweden," Journal of Econometrics, Elsevier, vol. 114(2), pages 243-260, June.
  21. Beggs, A. & Graddy, K., 1996. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," Economics Series Working Papers 99184, University of Oxford, Department of Economics.
  22. Yacine AIT-SAHALIA, 1994. "Entry-Exit Decisions of Foreign Firms and Import Prices," Annals of Economics and Statistics, GENES, issue 34.
  23. Laffont, J.-J. & Loisel, P. & Robert, J., 1998. "Intra-Day Dynamics in Sequential Auctions: Theory and Estimation," Papers 98.488, Toulouse - GREMAQ.
  24. repec:adr:anecst:y:1994:i:34:p:04 is not listed on IDEAS
  25. Christopher Avery, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Oxford University Press, vol. 65(2), pages 185-210.
  26. Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer.
  27. Hendricks, K. & Paarsch, H.J., 1993. "A Survey of Recent Empirical Work Concerning Auctions," UWO Department of Economics Working Papers 9309, University of Western Ontario, Department of Economics.
  28. repec:adr:anecst:y:1994:i:34:p:05 is not listed on IDEAS
  29. George Deltas & Georgia Kosmopoulou, 2004. "'Catalogue' vs 'Order-of-sale' effects in sequential auctions: theory and evidence from a rare book sale," Economic Journal, Royal Economic Society, vol. 114(492), pages 28-54, 01.
  30. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
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  32. 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.
  33. 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.
  34. 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.
  35. Harry J. Paarsch & Stephen G. Donald & Jacques Robert, 2006. "An empirical model of the multi-unit, sequential, clock auction," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(8), pages 1221-1247.
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