Crespi, John M.; Sexton, Richard J. - In: American Journal of Agricultural Economics 86 (2004) 3, pp. 660-674
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,...