Auctions with ex post uncertainty.
Abstract: Uncertainty about ex post realized values is an inherent component in many auction environments. In this article, we develop a structural framework to analyze auction data subject to ex post uncertainty as a pure risk. We consider a low‐price sealed‐bid auction model with heterogeneous bid...
| Publicado en: | RAND Journal of Economics (Wiley-Blackwell) Vol. 49; no. 3; pp. 574 - 594 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
Fall2018
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=131408119&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 131408119 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 07416261 56RJ jtl: RAND Journal of Economics (Wiley-Blackwell) issn: 07416261 maglogo: Y pubinfo: dt: Fall2018 vid: 49 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 131408119 10.1111/1756-2171.12245 ppf: 574 ppct: 20 formats: fmt: – @attributes: type: T – @attributes: type: P size: 320KB tig: atl: Auctions with ex post uncertainty. aug: au: Luo, Yao Perrigne, Isabelle Vuong, Quang affil: University of Toronto Rice University New York University su: Economic models Auctions Bidders Bids Bid price Idiosyncratic risk (Securities) Nonparametric estimation sug: subj: Economic models Auctions Bidders Bids Bid price Idiosyncratic risk (Securities) Nonparametric estimation ab: Abstract: Uncertainty about ex post realized values is an inherent component in many auction environments. In this article, we develop a structural framework to analyze auction data subject to ex post uncertainty as a pure risk. We consider a low‐price sealed‐bid auction model with heterogeneous bidders' preferences and ex post uncertainty. The uncertainty can be common to all bidders or idiosyncratic. We derive the model restrictions and study nonparametric and semiparametric identification of the model primitives under exogenous and endogenous participation. We then develop multistep nonparametric and semiparametric estimation procedures in both cases. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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