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Econometric Analysis of Cattle Auctions

Author

Listed:
  • Christine Zulehner
Abstract
This paper provides an empirical analysis of cattle auctions taking place in Amstetten, Austria. The particular auctions we focus on are ascending or English auctions. In this market the sellers are usually farmers and the buyers are either farmers as well or resale trade firms. A further characteristic of this market are two large bidders, each representing a resale trade firm. As all important characteristics of the cattle are known the independent private value model is adopted. The parameters that characterize the distribution of bidders’ unobserved private values are then estimated using a simulated nonlinear least square estimator. ZUSAMMENFASSUNG - (Ökonometrische Analyse von Rinderauktionen) In diesem Aufsatz wird eine empirische Analyse von Rinderauktionen im Amstetten, Österreich, beschrieben. Es werden vor allem Englische Auktionen analysiert. In diesem Markt sind Verkäufer üblicherweise Bauern und Käufer entweder Bauern oder Repräsentanten von Handelsfirmen. Eine weitere Charakteristik des Marktes in Amstetten sind jene zwei Händler, die je ein Handelsunternehmen repräsentieren sowie einen relativ großen Marktanteil besitzen. Da alle wichtigen Merkmale der Rinder bekannt sind, kann das "independent private value" Modell angewandt werden. Jene Parameter, die die Verteilung der nicht beobachtbaren "private values" der Bieter charakterisieren, werden mittels simulierter nichtlinearer Kleinste-Quadrat-Schätzer berechnet.

Suggested Citation

  • Christine Zulehner, 1998. "Econometric Analysis of Cattle Auctions," CIG Working Papers FS IV 98-16, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
    • Handle: RePEc:wzb:wzebiv:fsiv98-16
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    References listed on IDEAS

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