Bidding for Cattle in the Texas Panhandle
研究德克萨斯狭地地区牛肉加工厂在首价密封投标拍卖中采购牛只的行为，通过交易数据估计投标函数并模拟比较，发现当前环境导致卖方收入较低且效率不足。
Four beef‐processing plants in the Texas Panhandle region procure cattle from feedlots in a form of first‐price, sealed‐bid auction. These auctions have features that distinguish them from standard auctions. Using transactions‐level data, we estimated packer bid functions and, via simulations, compared the extant bidding environment to an alternative framework. The simulated auctions on average produced higher seller revenue, more frequent sales to the plant valuing the cattle most highly, and more switching by feedlots among competing packers. We attribute these results to packers' inconsistent bidding on the available lots of cattle and offer alternative explanations for this behavior.