Tenders for European cereal export refunds: A structural approach
研究了欧盟出口退税招标中交易商的投标行为，通过结构性方法估计最优投标策略，发现交易商的市场势力相对较弱。
A large part of the EU's export refunds are awarded through tender procedures. We apply auction theory to model the traders' behaviour for weekly tenders of soft wheat intervention stocks. Specification and estimation of the optimal bidding strategy are developed under two opposing assumptions about the traders' valuation of grain, each corresponding to a particular functioning of international soft wheat and related markets. This structural approach allows us to conclude that the traders' market power is relatively weak.