Abstract
Modelling Standing Timber Auctions by Bernard Elyakime and Patrice Loisel In France, standing timber is often sold by auction with a secret reservation price and vaguely defined quantities. We propose two models in which there is an independent private value and different buyers' and sellers' estimates of quantities: one with a known reservation price and then one with a secret reservation price. We study the buyers' and sellers' strategies for working out the seller's expected revenues with and without a secret reserve price. The seller does better in an auction with a secret reservation price under certain market conditions.
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