{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,1]],"date-time":"2026-04-01T02:28:18Z","timestamp":1775010498808,"version":"3.50.1"},"reference-count":53,"publisher":"The Econometric Society","issue":"2","license":[{"start":{"date-parts":[[2023,1,1]],"date-time":"2023-01-01T00:00:00Z","timestamp":1672531200000},"content-version":"unspecified","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["QE"],"abstract":"<jats:p>This paper analyzes risk aversion in discriminatory share auctions. I generalize the \n            <jats:italic>k<\/jats:italic>\u2010step share auction model of Kastl (2011, 2012) and establish that marginal profits are set\u2010identified for any given coefficient of constant absolute risk aversion. I also derive necessary conditions for best\u2010response behavior, which allows determining risk preferences from bidding data. Further, I show how the bidders' optimality conditions allow computing bounds on the marginal profits that are tighter than those currently available. I use my results to estimate import rents from Swiss tariff\u2010rate quotas on high\u2010quality beef. Rents are overestimated when ignoring risk aversion, and rent extraction is underestimated. Small bidders (small, privately owned butcheries) are more risk averse than large bidders (general retailers). Best response violations are few and uniform across bidder sizes.\n          <\/jats:p>","DOI":"10.3982\/qe1907","type":"journal-article","created":{"date-parts":[[2023,5,11]],"date-time":"2023-05-11T09:06:37Z","timestamp":1683795997000},"page":"419-470","source":"Crossref","is-referenced-by-count":6,"title":["Risk aversion in share auctions: Estimating import rents from TRQs in Switzerland"],"prefix":"10.3982","volume":"14","author":[{"given":"Samuel","family":"H\u00e4fner","sequence":"first","affiliation":[{"name":"School of Economics and Political Sciences, University of St. Gallen"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"2359","published-online":{"date-parts":[[2023]]},"reference":[{"key":"quan200276-bib-0001","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/1756-2171.12008","volume":"44","author":"Anderson","year":"2013","journal-title":"The RAND Journal of Economics"},{"key":"quan200276-bib-0002","volume-title":"Mathematical Analysis","author":"Apostol","year":"1974"},{"key":"quan200276-bib-0003","doi-asserted-by":"crossref","unstructured":"Aryal, Gaurab, Hanna Charankevich, Seungwon Jeong, and Dong-Hyuk Kim (2022), \u201cProcurements with bidder asymmetry in cost and risk-aversion.\u201d Journal of Business & Economic Statistics, 1\u201337.","DOI":"10.1080\/07350015.2022.2115497"},{"key":"quan200276-bib-0004","doi-asserted-by":"crossref","first-page":"733","DOI":"10.1093\/rfs\/6.4.733","volume":"6","author":"Back","year":"1993","journal-title":"Review of Financial Studies"},{"key":"quan200276-bib-0005","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1016\/S0165-1765(01)00465-7","volume":"73","author":"Back","year":"2001","journal-title":"Economics Letters"},{"key":"quan200276-bib-0006","doi-asserted-by":"crossref","first-page":"75","DOI":"10.1016\/0012-365X(91)90413-V","volume":"98","author":"Baranga","year":"1991","journal-title":"Discrete Mathematics"},{"key":"quan200276-bib-0007","doi-asserted-by":"crossref","first-page":"501","DOI":"10.1257\/jel.20161148","volume":"56","author":"Barseghyan","year":"2018","journal-title":"Journal of Economic Literature"},{"key":"quan200276-bib-0008","unstructured":"Besan\u00e7on, Mathieu, David Anthoff, Alex Arslan, Simon Byrne, Dahua Lin, Theodore Papamarkou, and John Pearson (2019), \u201cDistributions.jl: Definition and modeling of probability distributions in the JuliaStats ecosystem.\u201d arXiv:1907.08611."},{"key":"quan200276-bib-0009","volume-title":"Strukturberichtserstattung Nr.","volume":"60","author":"Bokusheva","year":"2019"},{"key":"quan200276-bib-0010","unstructured":"Bolotnyy, Valentin and Shoshana Vasserman (2019), \u201cScaling auctions as insurance: A case study in infrastructure procurement.\u201d Working Paper."},{"key":"quan200276-bib-0011","doi-asserted-by":"crossref","first-page":"58","DOI":"10.1017\/S1068280500001441","volume":"29","author":"Boughner","year":"2000","journal-title":"Agricultural and Resource Economics Review"},{"key":"quan200276-bib-0012","first-page":"123","volume":"24","author":"Breiman","year":"1996","journal-title":"Machine Learning"},{"key":"quan200276-bib-0013","doi-asserted-by":"crossref","first-page":"112","DOI":"10.1093\/restud\/rdq001","volume":"78","author":"Campo","year":"2011","journal-title":"The Review of Economic Studies"},{"key":"quan200276-bib-0014","unstructured":"Chapman, James T. 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