We construct a model of rent-maximizing behaviour by a single seller of timber in the absence of a formal market, deriving the stochastic implications of rent maximization for timber prices (stumpage rates) when other input and output (lumber) prices are random. Subsequently, we examine the...

Within the independent private-values paradigm, we derive the data-generating process of the winning bid for the last unit sold at sequential English auctions when bidder valuations are draws from one of several different classes of distributions; i.e., in the presence of asymmetries. When the...

Within the independent private-values paradigm, we demonstrate nonparametric identification of Dutch and first-price, sealed-bid auction models when bidders are asymmetric. We also demonstrate that, in the presence of a binding reserve price, methods for estimating the distribution of valuations...