Mergers, Cartels, Set-Asides, and Bidding Preferences in Asymmetric Oral Auctions
利用林业服务木材拍卖数据估计投标者价值分布，模拟合并、预留计划及投标偏好对价格和收入的影响，为反垄断和采购政策提供参考。
From bidding data, we estimate the underlying value distribution for Forest Service timber. We find that bidder values decrease $2/mbf (thousand board feet) with each mile from the tract and that small firms (fewer than 500 employees) have values that are $72/mbf lower than large firms. The empirical value distribution is used to simulate various hypothetical scenarios designed to inform public policy. The most anticompetitive mergers raise price by less than 3%, and a 4% decline in marginal costs through greater merger efficiencies is enough to offset a 1% anticompetitive price increase. Eliminating the SBA set-aside program would raise timber revenues by 15%. A policy of granting bidding preferences to small and more-distant bidders would raise revenue by approximately one-tenth of one percent. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology