Comparing Reserve Price Policies for Auctions: Evidence from a Randomized Experiment
2014/12/22
研討會日期 : 2014-12-22
時間 : 14:30
主講人 : Professor Serafin Grundl
主持人 : Professor Cheng-Ying Yang
地點 : Conference Room B110
演講者簡介 : Professor Grundl received his Ph.D. in Economics from University of Wisconsin, Madison in 2014. He is currently an Economist at the Financial Structure Section, the Division of Research and Statistics, Federal Reserve Board of Governors. His research fields are Industrial Organization, Microeconomics, and Applied Econometrics. His current research topics include auctions and dynamic demand.
演講摘要 : This paper compares two policies used to determine the reserve price in auctions for timber tracts. The residual value method (RV) relies on estimated revenue from selling lumber and estimated costs for harvesting and manufacturing to appraise a timber tract and determine the reserve price. The transaction evidence method (TE) relies directly on winning bids for similar timber tracts in the past. We use data from an experiment conducted by the US Forest Service where the reserve price policy was assigned randomly to estimate effects of the policy on reserve prices, entry and winning bids.
