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© 1996 Oxford University Press and the Foundation for the European Review of Agricultural Economics

research-article

Tenders for European cereal export refunds: A structural approach

JEAN-MARC BOURGEON* and YVES LE ROUX*,

THEMA, Université Paris X Nanterre, France
INRA/ESR/PAM 65, rue de St-Brieuc, F-35042 Rennes Cedex, France

Received July 1, 1995;

Summary

A large part of the EU's export refunds are awarded through tender procedures. We apply auction theory to model the traders' behaviour for weekly tenders of soft wheat intervention stocks. Specification and estimation of the optimal bidding strategy are developed under two opposing assumptions about the traders' valuation of grain, each corresponding to a particular functioning of international soft wheat and related markets. This structural approach allows us to conclude that the traders' market power is relatively weak.

Keywords: export refund, cereal, auction modelling, econometrics, European Union


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