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(13) Examples taken from, among others, in DIID, DAF, LGFDDF, PIDF, DI and BBID.
For this market, in which the properties are listed for sale at a stated offer price, the seller's offer price (SOFF) is equal to or greater than the buyer's bid price (BBID).
Bargaining will take place if BBID is equal to or greater than SMIN or the seller expects to raise the buyer's final bid to that level by bargaining.
SOFF |is greater than or equal to~ PF |is greater than or equal to~ BBID
The seller's initial offer price (SOFF), buyer's initial bid price (BBID), and the maximum amount the buyer was willing to pay (BMAX) were obtained in the survey of buyers.
A child, expected to continue in farming, was hypothesized to have a positive influence on BMAX and BBID. Finally, a buyer purchasing land immediately adjacent to an already owned farm would be expected to be willing to pay more than one who was not.
SOFF is used as the anchor price, rather than BBID, because in this market the buyer knows SOFF before making his initial bid, BBID.
BBID = f(DMAN, RIV, WHEAT, LSIZE, LCCOST, SLOPE, HOUS, BAGE, BCHILD, BADDN) |15~ SOFF = f(DMAN, RIV, WHEAT, LSIZE, LCCOST, SLOPE, HOUS, SAGE, SCHILD, SFARM, PS) |16~
In these models, the personal characteristics are believed to influence the bargaining variables which, in turn, influence BBID and SOFF.
Model 4 requires acceptance of two assumptions: (a) the relationship between SOFF and SMIN (equation |25~) is fixed; and (b) the formation of the seller's offer price (SOFF), the buyer's bid price (BBID), and the final market price (PF) occurs simultaneously.
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