What is the cost of low participation in French Timber auctions?

How much is the timber from public forests worth? How can the Public Forest Service define a fair market price for standing timber lots? What is the cost of low participation in French timber auctions? To estimate the value of a timber lot we adopt the transaction-evidence appraisal approach using data from timber auctions in Lorraine (Eastern France) accounting for the facts that: (i) the seller’s reserve prices are secret, (ii) there remain many unsold lots, and (iii) the number of bidders varies from one auction to another. Taking into account the endogenous participation in our hedonic price equation for the highest bid, we estimate that, compared to lots that receive two bids, the highest bid is 22% lower when there is only one bid and 37% higher when there are three or more bids.

Multi-Unit Auctions and Competition Stricture

Is it better for a seller who wants to auction multiple units to face many small bidders or few large bidders? Since multi-unit auction models usually have many equilibria, there are no theoretical predictions on the impact of the competition structure on the performance of a multi-unit auction (in terms of expected revenue and allocation efficiency). Our experimental results with uniform-price auctions support that with a constant competition degree (identical aggregate demand and supply), when the number of bidders increases while individual demand decreases, there is less strategic bidding (demand reduction). It leads to higher expected revenue with a lower variance but allocation efficiency is not significantly different.

(How) can economic experiments inform EU agricultural policy?

This report provides an overview of the potential contribution of economic experiments to the Common Agricultural Policy evaluation toolbox. The methodology of economic experiments is briefly described in chapter 2. Chapter 3 presents examples of experimental studies relevant for the analysis of the Common Agricultural Policy. Chapter 4 discusses whether there is room for economic experiments in the EU evaluation toolbox. Chapter 5 identifies the main challenges when implementing economic experiments. Chapter 6 provides a set of recommendations, arising from the discussions between the authors of this report and policy officers from DG AGRI, relative to the introduction of economic experiments in the CAP evaluation toolbox.JRC.J.4-Agriculture and Life Sciences in the Econom

Adjudications des valeurs du Trésor

[eng] Treasury Securities Auctions. The objective of this article is to focus on the Treasury securities auction system. Although widely used in many countries, the auctioning technique to sell new issued government securities raises many questions. There exists in particular a persistent debate opposing the two procedures most used in the world : the discriminatory auction and the uniform-price auction. This debate motivates numerous theoretical, empirical and experimental studies. This survey follows the article of Florence Naegelen [1995] which aim was to « bring to light in a simple way the arguments which plead in favor of a uniform price ». The objective here is to present some recent developments which challenge the superiority of the uniform price auction on the discriminatory auction for France in particular. The privileged element of this review of the literature relies on the multi-unit aspect of the demands in Treasury auctions. [fre] Raphaële Préget Adjudications des valeurs du Trésor. L'objectif de cet article est de faire le point sur le système d'enchère des valeurs du Trésor. Bien que largement employée dans de nombreux pays, la technique de l'adjudication pour le placement des nouvelles émissions de titres publics suscite diverses interrogations. Il existe notamment un débat persistant qui oppose les deux procédures les plus couramment utilisées dans le monde : l'enchère discriminatoire et l'enchère à prix uniforme. Ce débat motive de nombreux travaux théoriques, empiriques et expérimentaux. Cet article s'inscrit à la suite de celui de Florence Naegelen [1995] dont le but était de « mettre en évidence de façon simple les arguments qui plaident en faveur d'un prix uniforme ». L'objectif, ici, consiste à pré- senter certains développements récents qui remettent en cause la supériorité de l'enchère à prix uniforme sur l'enchère discriminatoire, pour la France en particulier. L'élément privilégié dans cette revue de la littérature repose sur la prise en compte de l'aspect pluri-unitaire des demandes dans les enchères du Trésor.

Normes sociales et choix de pratiques des agriculteurs

International audienc

Unsold stock at standing timber auctions

There are often unsold lots at the end of ONF standing timber auction sales. This reflects a degree of mismatch between supply and demand for timber that needs to be better understood so as to improve timber sales. The article examines three causes for unsold stock – quantitative mismatch, qualitative mismatch, and inappropriate marketing method.Lors des enchères de bois sur pied de l’ONF, de nombreux lots restent invendus à la fin des ventes. Ceci traduit une certaine inadéquation entre l’offre et la demande de bois qu’il est nécessaire de comprendre afin d’améliorer la commercialisation des bois. Trois causes sont étudiées dans notre analyse des invendus : l’inadéquation quantitative, l’inadéquation qualitative et l’inadéquation du mode de commercialisation

What is the cost of low participation in French timber auctions?

How much is the timber from public forests worth? How can the Public Forest Service define a fair market price for standing timber lots? What is the cost of low participation in French timber auctions? To estimate the value of a timber lot we adopt the transaction-evidence appraisal approach using data from timber auctions in Lorraine (Eastern France) accounting for the facts that: (i) the seller's reserve prices are secret, (ii) there remain many unsold lots, and (iii) the number of bidders varies from one auction to another. Taking into account the endogenous participation in our hedonic price equation for the highest bid, we estimate that, compared to lots that receive two bids, the highest bid is 22% lower when there is only one bid and 37% higher when there are three or more bids

Does the competition structure impact the performance of multi-unit auctions? An experimental investigation

Competition in a multi-unit auction is measured both by the number of bidders and by the relative size of their demands, compared to the number of units on sale. For the same degree of competition (identical aggregate demand and supply), we can observe different demand structures. Do they have an impact on the auction efficiency and revenue-raising properties ? It is essential to understand better the impact of competition structure on performance in order to draw recommendations for the design of multi-unit auctions. Theoretical results demonstrate on a simple case contrasting a uniform-price auction of two bidders with a demand of 6 units each, and an auction of 6 bidders with a demand of two units each, that there are multiple equilibria leading to different performance outcome. Experiments are conducted to compare the performance of these two auctions. Results support that with a constant competition degree, the seller gets higher expected revenue with a lower variance when he faces a large number of bidders with small individual demands. We show that this result is attained with no significant effect on allocative efficiency.La concurrence dans une enchère multi-unitaire est mesurée à la fois par le nombre d’enchérisseurs et par la quantité demandée par chacun, rapportée au nombre d’unités en vente. Pour le même degré de concurrence (demande agrégée et offre identiques), nous pouvons observer différentes structures de demande. Celles-ci ont-elles un impact sur l’efficience de l’enchère et le revenu du vendeur ? Il est essentiel de mieux comprendre l’impact de la structure de la concurrence sur la performance des enchères multi-unitaires pour pouvoir faire des recommandations sur leur design. Des résultats théoriques montrent sur un cas simple, comparant une enchère à prix uniforme avec 2 enchérisseurs ayant chacun une demande de 6 unités et une enchère avec 6 enchérisseurs ayant chacun une demande de 2 unités, qu’il existe une multiplicité d’équilibres conduisant à des performances différentes. Des expériences en laboratoire sont conduites pour comparer la performance de ces deux enchères. Les résultats indiquent que, pour un même degré de concurrence, le vendeur obtient un revenu espéré supérieur avec une variance plus faible lorsqu’il fait face à un grand nombre d’enchérisseurs demandant peu d’unités chacun. Nous montrons que ce résultat est obtenu sans effet significatif sur l’efficience allocative

Étude empirique de la demande dans les enchères de bons du Trésor

International audienceCet article propose d’étudier empiriquement les fonctions de demande agrégées observées dans les enchères de bons du Trésor français. Nous utilisons les résultats des 125 enchères discriminatoires de 1995 pour déterminer les facteurs qui affectent la forme des demandes observées. Nous procédons en deux étapes.Dans la première, nous estimons les courbes de demande par des fonctions logis-tiques. Dans la seconde étape, nous déterminons les variables qui expliquent la valeur des paramètres des fonctions logistiques d’une enchère à l’autre. Nos résultats offrent ainsi un outil de prévision de la demande pour les enchères à venir

Treasury bill auction procedures: Empirical perspectives from French market bid functions

We use empirical properties of market bid functions in Treasury bill auctions to analyze the Treasury auction mechanism. We propose an econometric method that exploits data from auction tables and we determine variables influencing the shape of market bid functions and their fluctuations across auctions. We apply the estimation procedure to discriminatory French Treasury bill auctions. We propose several applications of our empirical model. First, we provide a tool to forecast incoming auctions. Second, we measure, by simulations, the impact of different environments on auction rates. Third, we provide new empirical perspectives on the debate about the best procedure between the discriminatory and the uniform price auctions. © 2005 Published by Elsevier Ltd.SCOPUS: ar.jinfo:eu-repo/semantics/publishe