Journal
LAND USE POLICY
Volume 125, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.landusepol.2022.106481
Keywords
Agricultural land market; Competition; Land privatization; Online auctions
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An innovative pilot project was launched in Ukraine in October 2018 to transparently transfer rental rights for publicly owned agricultural land through an online auction. This study analyzed publicly disclosed auction data to understand how competition, auction design characteristics, and land properties influenced the outcomes. The analysis revealed that more bidders and active bidding were associated with higher probability of auction success and rental rates.
An innovative pilot project to facilitate the transparent transfer of rental rights for publicly owned agricultural land via an ascending-price online auction was launched in Ukraine in October 2018. This paper analyses publicly disclosed auction data and investigates how competition, auction design characteristics, and farmlandspecific properties influenced the auction outcomes. This information is factored into the probability of the plot being rented (i.e. auction success) and the size of the winning bid (i.e. rental rates). The analysis was conducted using an independent private values framework, employing a mixed-effects model with sample selection. Estimation results confirmed that a higher number of bidders and more active bidding lead to a significantly greater probability of auction success and higher rental rates.
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