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| Wilson, William W.; Dahl, Bruce L.. |
| Bidding competition plays an important role in price discovery and the determination of suppliers in international grains. In this paper we analyze international bidding competition for wheat for a specific importer. Tender data over the period 1993-1999 were analyzed and bid functions estimated by class of wheat (hard red spring, hard amber durum, and hard red winter denoted as HRS, HAD, and HRW, respectively) and by selling firm. A stochastic simulation model was developed to determine the optimal bid and to analyze factors affecting bidding behavior and competition. The tender data indicated there was a surprisingly wide range of bids. Variation of bids across firms submitted for individual HRS tenders had standard deviations that ranged from $5/mt... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Auction; Bidding; Wheat tenders; Optimal bid; U.S.; Canada; Marketing. |
| Ano: 2000 |
URL: http://purl.umn.edu/23285 |
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| Wilson, William W.; Wilson, Wesley W.. |
| Auctions are common mechanisms for identifying prices and suppliers of commodities and are particularly important in agricultural marketing. Information asymmetries among bidders may be ameliorated over time through some form of learning. In this study, we incorporate prior decisions to participate, information from previous auctions, and firm-specific attributes to explain both the decision to bid and the level of the bid. Our analysis uses data from Egyptian oilseed tenders, an important market both for oilseeds and tendering. Because of the unbalanced nature of the panel data, we are able to evaluate the effects of signals received from previous tenders. We find that firms learn from previous auctions and can gain an informational advantage through... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Auction; Bidding; Tenders; Optimal bids; Learning; Marketing. |
| Ano: 2002 |
URL: http://purl.umn.edu/23647 |
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| Bernard, John C.; He, Na. |
| Auction experiments are commonly used to determine consumers’ willingness to pay for various food items. While their non-hypothetical nature is a positive, market substitutes create a probable confounding of bids by field prices. This study examines the influence of field prices on bids for four foods in two versions by conducting auctions before and after large price increases in 2007. Results show that bids were capped at given field prices and were significantly higher in sessions conducted after store prices increased. Percentage premiums, however, were not significantly different across sessions, suggesting that effects of field prices could be reduced. Overall, researchers must be conscious of how field prices affect bids. |
| Tipo: Journal Article |
Palavras-chave: Auction experiments; Field prices; Organic; Bidding; Consumer/Household Economics; Institutional and Behavioral Economics; Marketing. |
| Ano: 2010 |
URL: http://purl.umn.edu/90823 |
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| Wilson, William W.; Diersen, Matthew A.. |
| Auctions and bidding play an important role in agricultural marketing. A common and noteworthy application of auctions and bidding is that of import tendering which is used for both price determination and the allocation of purchases among sellers. In this study we develop a model to evaluate bidding strategies and competition in Egyptian oilseeds imports. Information included the values of bids submitted by each supplier in each tender over the period 1990 to 1993. Results indicate that generally bids could be predicted for all bidders with a relatively high degree of confidence using simple relationships and accessible data. In addition, for each oil tender there appeared to be groups of bidders characterized by differences in their bid functions.... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Bidding; Auction; International Grain Competition; Grains; Importing; Marketing; International Relations/Trade. |
| Ano: 1999 |
URL: http://purl.umn.edu/23421 |
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