An optimal standing timber auction?

Abstract

We focus our study on a lump sum stumpage auction, with bids in total value and secret seller's reserve value. We check that the procedure examined may be ruled by a procedure dealing with total value but in which the seller would disclose his reserve strategic value. Moreover, the procedure with total value and disclosed seller's reserve strategic value may be ruled or not by a procedure on price (not on total value) and public seller's reserve price, in which buyers and seller would use the same real reference of the timber volume of the lot disclosed before the auction.