文章基本信息

标题：Competition-Based Environmental Policy: An Analysis of Farmland Preservation in Maryland
本地全文：下载
作者：Horowitz, John K. ; Lynch, Lori ; Stocking, Andrew 等
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2007
期号：SUPPL
出版社：Food Distribution Research Society
摘要：This paper studies bidder behavior in an innovative program in which farmers compete to sell their development rights to the State. We derive a reduced form bidding model that includes both private value and common value components. This model allows us to estimate the role of bidder competition, the winner’s curse correction, and the underlying distribution of private values. We find that competition reducelers adjust for a possible winner’s curse by increasing their bids by roughly 10 percent over their reservation values. Using the inferred reservation values, we compare this program to an alternative take-it-or-leave-it offer. We find that a take-it-or-leave-it offer of 50 percent of development values would have preserved more farmland for an equivalent budget than the current reverse auction setup.
关键词：farmland preservation;first-price auctions;interdependent values;winners curse