Comparing open and sealed bid auctions: Evidence from timber auctions

Quarterly Journal of Economics

Volumn 126, Issue 1, 2011, Pages 207-257

  Athey, Susan ^a   Levin, Jonathan ^a   Seira, Enrique ^a  

^a NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

COMPARATIVE STUDY; COMPETITIVENESS; NUMERICAL MODEL; QUANTITATIVE ANALYSIS; TIMBER MARKET;

UNITED STATES;

EID: 79955371565     PISSN: 00335533     EISSN: 15314650     Source Type: Journal    
DOI: 10.1093/qje/qjq001     Document Type: Article

References (44)

1. Abadie, Alberto, and Guido Imbens, "Large Sample Properties of Matching Estimators for Average Treatment Effects," Econometrica, 74 (2006), 235-267.
2. Andrews, Donald, "A Conditional Kolmogorov Test," Econometrica, 65 (1997), 1097-1128.
3. Asker, John, "A Study of the Internal Organization of a Bidding Cartel," American Economic Review, 100 (2010), 724-762.
4. Athey, Susan, Dominic Coey, and Jonathan Levin, "Subsidies and Set-Asides in Auctions," NBER Working Paper 16851, 2011.
5. Athey, Susan, and Philip Haile, "Identification in Standard Auction Models," Econometrica, 70 (2002), 2107-2140.
6. Athey, Susan, and Jonathan Levin, "Information and Competition in U.S. Forest Service Timber Auctions," Journal of Political Economy, 109 (2001), 375-417.
7. Athey, Susan, Jonathan Levin, and Enrique Seira, "Comparing Open and Sealed Bid Auctions: Theory and Evidence from Timber Auctions," mimeo, 2004.
8. Bajari, Patrick, "The First-Price Auction with Asymmetric Bidders: Theory and Applications," Ph D Dissertation, (University of Minnesota), 1997.
9. Bajari, Patrick, and Ali Hortacsu, "The Winner's Curse, Reserve Prices, and Endogenous Entry: Empirical Insights from eBay Auctions," RAND Journal of Economics, 34 (2003), 329-355.
10. Bajari, Patrick, and Lixin Ye, "Deciding Between Competition and Collusion," Review of Economics and Statistics, 85 (2003), 971-989.
11. Baldwin, Laura, Robert Marshall, and Jean-Francois Richard, "Bidder Collusion at U.S. Forest Service Timber Auctions," Journal of Political Economy, 105(1997), 657-699.
12. Berry, Steven, "Estimation of a Model of Entry in the Airline Industry," Econometrica, 60 (1992), 889-917.
13. Brannman, Lance, and Luke M. Froeb, "Mergers, Cartels, Set-Asides and Bidding Preferences in Asymmetric Second-price Auctions," Review of Economics and Statistics, 82 (2000), 283-290.
14. Bresnahan, Timothy F., and Peter C. Reiss, "Entry and Competition in Concentrated Markets," Journal of Political Economy, 99 (1991), 977-1009.
15. Froeb, Luke M., and Preston McAfee, "Deterring Bid Rigging in Forest Service TimberAuctions," U.S. Department of Justice Economic Analysis Group Working Paper, 1988.
16. Groeger, Joachim, "Estimation of a Dynamic Auction with Participation," LSE Working Paper, 2009.
17. Guerre, Emmanuelle, Isabelle Perrigne, and Quang Vuong, "Optimal Nonparametric Estimation of First Price Auctions," Econometrica, 68 (2000), 525-574.
18. Haile, Philip, "Auctions with Resale Markets: An Application to U.S. Forest Service Timber Sales," American Economic Review, 92 (2001), 399-427.
19. Haile, Philip, Han Hong, and Matthew Shum, "Nonparametric Tests for Common Values in First-Price Sealed Bid Auctions," Yale University Working Paper, 2003.
20. Haile, Philip, and Elie Tamer, "Inference with an Incomplete Model of English Auctions," Journal of Political Economy, 111 (2003), 1-52.
21. Hansen, Robert, "Sealed-Bid versus Open Auctions: The Evidence," Economic Inquiry, 24 (1986), 125-142.
22. Jofre-Bonet, Mireia, and Martin Pesendorfer, "Estimation of a Dynamic Auction Game," Econometrica, 71 (2003), 1443-1489.
23. Johnson, Ronald, "Oral Auctions versus SealedBids: An Empirical Investigation," Natural Resources Journal, 19 (1979), 315-335.
24. Klemperer, Paul, Auctions: Theory and Practice, Princeton University Press, 2004.
25. Krasnokutskaya, Elena, "Identification and Estimation of Auction Models with Unobserved Heterogeneity," Review of Economic Studies, 78 (2011), 293-327.
26. Krasnokutskaya, Elena, and Katja Seim, "Bid Preference Programs and Participation in Procurement," University of Pennsylvania Working Paper, 2009.
27. Li, Tong, "Econometrics of First-Price Auctions with Entry and Binding Reservation Prices," Journal of Econometrics, 126 (2005), 173-200.
28. Li, Tong, and Xiaoyong Zheng, "Entry and Competition Effects in First-Price Auctions: Theory and Evidence from Procurement Auctions," Review of Economic Studies, 76 (2009), 1397-1429.
29. Marmer, Vadim, Art Shneyerov, and Pai Xu, "What Model of Entry in First-Price Auctions? A Nonparametric Approach," UBC Working Paper, 2007.
30. Maskin, Eric, and John Riley, "Asymmetric Auctions," Review of Economic Studies, 67 (2000), 413-438.
31. Matthews, Steven, "Comparing Auctions for Risk Averse Buyers: A Buyer's Point of View," Econometrica, 55 (1987), 633-646.
32. Mead, Walter, Competition and Oligopsony in the Douglas Fir Timber Industry, (Berkeley, CA: University of California Press, 1966).
33. Lu, Jingfeng, and Isabelle Perrigne, "Estimating Risk Aversion from Ascending and Sealed-Bid Auctions: The Case of Timber Auction Data," Journal of Applied Econometrics, (2008), 871-896.
34. Pesendorfer, Martin, "A Study of Collusion in First-Price Auctions," Review of Economic Studies, 67 (2000), 381-411.
35. Pinchot, Gifford, Breaking New Ground, (Washington, DC: Island Press, 1998).
36. Porter, Robert, and J.D. Zona, "Detection of Bid Rigging in Procurement Auctions," Journal of Political Economy, 101 (1993).
37. Porter, Robert, and J. Douglas Zona, "Ohio School Milk Markets: An Analysis of Bidding," RAND Journal of Economics, 30 (1999), 263-288.
38. Schuster, Ervin G., and Michael J. Niccolucci, "Sealed-Bid versus Oral-Auction Timber Offerings: Implications of Imperfect Data," Canadian Journal of Forest Research, 1994, 24, 87-91.
39. Stone, J.S., and Douglas B. Rideout, "Does Sealed Bidding Promote Competition in the Auctioning of Public Timber?" Journal of Forest Economics, 3 (1997), 133-142.
40. United States Forest Service, Forest Service Handbook, Various sections and editions.
41. United States House of Representatives, "Timber Sale Methods and Related Practices," Hearings before the Subcommittee on Forests, Committee on Agriculture, on H.R. 5863, February 7-9 and April 5, 1977.
42. United States Senate, "Timber Sale Bidding Procedures," Hearings before the Sub committee on Public Lands and Resources, Committee on Energy and Natural Resources, on S. 1360, May 18, 1977.
43. Vickrey, William, "Counterspeculation, Auctions, and Competitive Sealed Tenders," Journal of Finance, 16 (1961), 8-37.
44. Wiener, Alfred A., "Sealed Bids or Oral Auctions: Which Yield Higher Prices?" Journal of Forestry, 77 (1979), 353-356.