Mergers, Cartels, Set-Asides, and Bidding Preferences in Asymmetric Oral Auctions

摘要

From bidding data, we estimate the underlying value distribu- tiom for Forest Service timber. We find that bidder values decrease ＄2/mbf (thousand board feet) with each mile from the tract and that small firms (fewer than 500 employees) have values that are ＄72/mbf lower than large firms. The empirical value distribution is used to simulate various hypothetical scenarios designed to inform public policy.