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2020-02Diskussionspapier DOI: 10.18452/21172
Common values and unobserved heterogeneity in farmland auctions in Germany
dc.contributor.authorSeifert, Stefan
dc.contributor.authorHüttel, Silke
dc.date.accessioned2020-02-20T10:28:10Z
dc.date.available2020-02-20T10:28:10Z
dc.date.issued2020-02none
dc.identifier.urihttp://edoc.hu-berlin.de/18452/21904
dc.description.abstractIn this paper, we test for the existence of a common component in agricultural land auctions in eastern Germany during the price boom 2007-2018 and discuss respective policy implications. Using a large, detailed dataset of auctions, we can rely on professional appraisals of the auctioned good that are privy to the seller to control for unobserved heterogeneity. We derive a new approach to disentangle valuations from observed and unobserved heterogeneity across auctions. For validation purposes we provide several model specifications; based on all models, we strongly reject purely private valuations. Based on the rich identification strategy, we conclude the existence of a common component in these auctions to be very likely. Our results first underline the importance of an adequate model specification to analyze farmland auctions. Second, from a policy perspective, the implied potential for a winner's curse can be seen as a warning sign for the sector.eng
dc.language.isoengnone
dc.publisherHumboldt-Universität zu Berlin
dc.rights(CC BY-NC-ND 4.0) Attribution-NonCommercial-NoDerivatives 4.0 Internationalger
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectFarmland auctionseng
dc.subjectcommon valueseng
dc.subjectunobserved heterogeneityeng
dc.subject.ddc630 Landwirtschaft und verwandte Bereichenone
dc.titleCommon values and unobserved heterogeneity in farmland auctions in Germanynone
dc.typeworkingPaper
dc.identifier.urnurn:nbn:de:kobv:11-110-18452/21904-3
dc.identifier.doihttp://dx.doi.org/10.18452/21172
local.edoc.container-titleFORLand Working Papersnone
local.edoc.container-creatorMartin Odeningnone
local.edoc.pages38none
local.edoc.type-nameDiskussionspapier
local.edoc.institutionLebenswissenschaftliche Fakultätnone
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume21none
local.edoc.container-erstkatid2941991-8none

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