Traders' Bidding Strategies on European Grain Export Refunds: An Analysis with Affiliated Signals
利用交易者信息的多变量相关分布，分析了欧洲软小麦干预库存招标中交易者的投标策略，发现相关性对策略的影响取决于交易者对谷物的估值，并采用广义矩估计法估计策略。
Abstract Using a multivariate distribution of traders' information with correlations, we specify the traders' bidding strategies on tenders of European soft wheat intervention stocks. We show that correlations may have opposing effects on the traders' bidding strategy, depending on their valuation of the grain. This structural approach allows us to estimate the traders' strategies using generalized method of moments procedures.