On the asymptotic distribution of the transaction price in a clock model of a multi-unit, oral, ascending-price auction within the common-value paradigm.
Using a clock model of a multi-unit, oral, ascending-price auction, within the common-value paradigm, we analyze the behavior of the transaction price as the numbers of bidders and units gets large in a particular way. We find that even though the transaction price is determined by a fraction of los...
| Publicado en: | RAND Journal of Economics (Wiley-Blackwell) Vol. 44; no. 4; pp. 664 - 686 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
Winter2013
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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=94575691&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 94575691 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: Winter2013 vid: 44 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 94575691 10.1111/1756-2171.12034 ppf: 664 ppct: 22 formats: fmt: – @attributes: type: T – @attributes: type: P size: 243KB tig: atl: On the asymptotic distribution of the transaction price in a clock model of a multi-unit, oral, ascending-price auction within the common-value paradigm. aug: au: Hong, Han Paarsch, Harry J. Xu, Pai affil: Stanford University University of Melbourne University of Hong Kong su: Asymptotic distribution Transaction costs Auctions Bidders Gaussian distribution Automobile license plates sug: subj: Asymptotic distribution Transaction costs Auctions Bidders Gaussian distribution Automobile license plates ab: Using a clock model of a multi-unit, oral, ascending-price auction, within the common-value paradigm, we analyze the behavior of the transaction price as the numbers of bidders and units gets large in a particular way. We find that even though the transaction price is determined by a fraction of losing drop-out bids, that price converges in probability to the true, but ex ante unknown, value. Subsequently, we demonstrate that the asymptotic distribution of the transaction price is Gaussian. Finally, we apply our methods to data from an auction of taxi license plates held in Shenzhen, China. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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