Traders' Bidding Strategies on European Grain Export Refunds: An Analysis with Affiliated Signals

Jean-Marc Bourgeon and Yves Le Roux

American Journal of Agricultural Economics, 2001, vol. 83, issue 3, 563-575

Abstract: Using a multivariate distribution of traders' information with correlations, we specify the traders' bidding strategies on tenders of European soft wheat intervention stocks. We show that correlations may have opposing effects on the traders' bidding strategy, depending on their valuation of the grain. This structural approach allows us to estimate the traders' strategies using generalized method of moments procedures. Copyright 2001, Oxford University Press.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:83:y:2001:i:3:p:563-575

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