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Comparing open and sealed bid auctions : evidence from timber auctions

Author: Susan Athey; Jonathan Levin; Enrique Seira; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2008.
Series: Working paper series (National Bureau of Economic Research), working paper no. 14590.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
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  Read more...
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Susan Athey; Jonathan Levin; Enrique Seira; National Bureau of Economic Research.
OCLC Number: 500490750
Description: 36, [10] pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 14590.
Responsibility: Susan Athey, Jonathan Levin, Enrique Seira.

Abstract:

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.

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