This article investigates the role played by informational cost in agricultural land markets to explain price dispersion. Based on a hedonic model under incomplete information, we build a two-tier stochastic frontier. By linking costs of being information deficient to agent characteristics such...

In auctions, typically a fixed quantity is traded, while the price and the total monetary value of the transaction depend on the actions of the bidders. We consider a budget auction alternative, where the total monetary value of the transaction is fixed, while the traded quantity is endogenously...