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Title: Timber sale value as a function of sale characteristics and number of bidders
Author: Sendak, Paul E.; Sendak, Paul E.
Source: Res. Pap. NE-657. Radnor, PA: U.S. Department of Agriculture, Forest Service, Northeastern Forest Experiment Station. 7 p.
Description: Examines the effect of sale characteristics and number of bidders on sale value for timber sold by sealed-bid auction on the Green Mountain National Forest in Vermont. As anticipated from theory and previous empirical studies, increasing the number of bidders tended to increase the winning-bid value for the timber auctions studied. Efforts made to ensure that a timber sale offering received at least one qualified bid had a greater impact on sales revenue than efforts made to increase high-bid value. In designing sales, managers should avoid setting appraisal value too high in relation to timber quality.
Keywords: Appraisal, auctions, national forest, Tobit
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Sendak, Paul E. 1991. Timber sale value as a function of sale characteristics and number of bidders. Res. Pap. NE-657. Radnor, PA: U.S. Department of Agriculture, Forest Service, Northeastern Forest Experiment Station. 7 p.
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