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

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 valua...

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Bibliographic Details
Published in:American journal of agricultural economics 2001-08, Vol.83 (3), p.563-575
Main Authors: Bourgeon, Jean-Marc, Roux, Yves Le
Format: Article
Language:English
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Summary: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.
ISSN:0002-9092
1467-8276
DOI:10.1111/0002-9092.00178