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Optimal reserve prices for land auctions in Eastern Germany
Faculty of Life Sciences, Department of Agricultural Economics, Humboldt-Universität zu Berlin, Berlin, Germany.
Department of Agricultural Economics and Rural Development, Georg-August-Universität Göttingen, Göttingen, Germany.
Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Centre for Entrepreneurship and Spatial Economics (CEnSE). Faculty of Life Sciences, Department of Agricultural Economics, Humboldt-Universität zu Berlin, Berlin, Germany.ORCID iD: 0000-0003-2543-3673
Business Economics Group, Wageningen University, Wageningen, The Netherlands.
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2022 (English)In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291Article in journal (Refereed) Epub ahead of print
Abstract [en]

Privatization auctions are seen as culprit for rising prices in eastern Germany. This study aims to analyse whether privatization auctions could have earned even higher revenues by setting optimal reserve prices. For this purpose, a structural estimation approach is applied to determine reserve prices and to compare the resulting expected revenues with actual revenues. The data set includes land auctions in eastern Germany from 2005-2019. The empirical results illustrate that room for increasing revenues exists, but reserve prices would be required to be higher than actual land prices. A potential consequence of high reserve prices is the risk of delays in the privatization process.

Place, publisher, year, edition, pages
Taylor & Francis, 2022.
Keywords [en]
Land prices, privatization, first price sealed bid auctions, optimal reserve prices
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-58978DOI: 10.1080/13504851.2022.2140752ISI: 000878558300001Scopus ID: 2-s2.0-85141434535Local ID: HOA;intsam;1713066OAI: oai:DiVA.org:hj-58978DiVA, id: diva2:1713066
Available from: 2022-11-23 Created: 2022-11-23 Last updated: 2024-01-15

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Ritter, Matthias

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