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Hedonic Prices for Timber Auctions with Endogenous Participation

Abstract : How much is the timber from public forests worth? How can the Public Forest Service define a fair market price for standing timber lots? To estimate the value of a timber lot we adopt the transaction-evidence appraisal approach using data from timber auctions in Lorraine (Eastern France) accounting for the facts that: (i) the seller’s reserve prices are secret, (ii) there remain many unsold lots, and (iii) the number of bidders varies from one auction to another. We estimate parameters of a sample selection model in which the hedonic equation includes an endogenous ordinal explanatory variable (the intensity of participation).
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  • HAL Id : hal-02822180, version 1
  • PRODINRA : 30488


Raphaële Préget, Patrick Waelbroeck. Hedonic Prices for Timber Auctions with Endogenous Participation. 25. Journées de Microéconomie Appliquée, May 2008, Saint-Denis (La Réunion), France. 39 p. ⟨hal-02822180⟩



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