Collaborative Research: Transaction Costs and the Choice Among Sales Procedures: Auction vs. Negotiated Sales of Private Timber and Cattle

合作研究：交易成本和销售程序的选择：私人木材和牛的拍卖与协商销售

• 批准号: 9809149
• 负责人: Randal Rucker
• 金额: $ 10.2万
• 依托单位: Montana State University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1998
• 资助国家: 美国
• 起止时间: 1998-10-01 至 2003-09-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9809149&HistoricalAwards=false
• 关键词: Collaborative; Research; Transaction; Costs; Choice

This project examines in a general context the determinants of the choice made by sellers between an auction and a negotiation method of sale. The limited existing theoretical literature on this topic largely ignores variety of relevant transaction costs in determining sellers' choices. Analysis of the role played by transaction costs in the choice between auction and negotiated sales is the focus of this project. Among the transaction costs considered are presale measurement costs, the costs of the auction process itself, the costs of an auction associated with the constraints an auction imposes on the buyers' offers, contract enforcement costs, and possible principal-agent costs associated with the seller's decision to hire a consultant/auctioneer. This project also examines empirically the determinants of individual sellers' choices between auctions and negotiated sales in two contexts-private timber and cattle sales. The particular empirical applications are chosen because both auctions and negotiations are commonly used in the industries. A data set has been collected for examining private timber sales. The data set contains detailed information on 360 timber sales from North Carolina and is comprised of approximately 50 percent auction and 50 percent negotiated sales. Preliminary analysis provides convincing evidence that the specified transaction costs are important determinants of the choice by private timber owners between auction and negotiated sales procedures. The proposed study will greatly enhance our understanding of the choice among sales procedures, both conceptually and empirically.

该项目在一般环境中检查了拍卖和谈判方法之间卖方选择的决定因素。关于该主题的现有理论文献有限，在确定卖方选择时，在很大程度上忽略了各种相关交易成本。分析交易成本在拍卖和谈判销售之间选择中所起的作用是该项目的重点。在考虑的交易成本中，包括预售成本，拍卖过程本身的成本，与拍卖的约束相关的拍卖费用对买方的报价施加的，合同执行成本以及与卖方决定雇用顾问/拍卖师的决定相关的本金代理成本。 该项目还从经验上研究了单个卖家在拍卖之间选择的决定因素，并在两种情况下进行了销售销售在私有的木材和牛的销售中。之所以选择特定的经验应用，是因为拍卖和谈判都通常在行业中使用。已经收集了一个数据集来检查私人木材销售。该数据集包含有关北卡罗来纳州360木销售的详细信息，由大约50％的拍卖和50％的谈判销售组成。初步分析提供了令人信服的证据，表明指定的交易成本是拍卖和谈判销售程序之间私人木材所有者选择的重要决定因素。 拟议的研究将在概念和经验上大大增强我们对销售程序之间选择的理解。