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Comparing Open and Sealed Bid Auctions: Evidence from Timber Auctions / Susan Athey, Jonathan Levin, Enrique Seira.
- Format:
- Book
- Author/Creator:
- Athey, Susan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w14590.
- NBER working paper series no. w14590
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Comparing Open and Sealed Bid Auctions
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2008.
- Summary:
- We study entry and bidding patterns in sealed bid and open auctions with heterogeneous bidders. Using data from U.S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more small bidders, shift the allocation towards these bidders, and can also generate higher revenue. We show that a private value auction model with endogenous participation can account for these qualitative effects of auction format. We estimate the model's parameters and show that it can explain the quantitative effects as well. Finally, we use the model to provide an assessment of bidder competitiveness, which has important consequences for auction choice.
- Notes:
- Print version record
- December 2008.
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