G2TT
来源类型FEEM working papers "Note di lavoro" series
规范类型论文
Nonparametric Tests for Common Values in First-Price Sealed-Bid Auctions
Philip A. Haile; Han Hong; Matthew Shum
发表日期2004
出处Economy and Society
出版年2004
语种英语
摘要We develop tests for common values at first-price sealed-bid auctions. Our tests are nonparametric, require observation only of the bids submitted at each auction, and are based on the fact that the "winner’s curse" arises only in common values auctions. The tests build on recently developed methods for using observed bids to estimate each bidder’s conditional expectation of the value of winning the auction. Equilibrium behavior implies that in a private values auction these expectations are invariant to the number of opponents each bidder faces, while with common values they are decreasing in the number of opponents. This distinction forms the basis of our tests. We consider both exogenous and endogenous variation in the number of bidders. Monte Carlo experiments show that our tests can perform well in samples of moderate sizes. We apply our tests to two different types of U.S. Forest Service timber auctions. For unit-price ("scaled") sales often argued to fit a private values model, our tests consistently fail to find evidence of common values. For "lumpsum" sales, where a priori arguments for common values appear stronger, our tests yield mixed evidence against the private values hypothesis.
特色分类C14,D44
关键词First-price auctions,Common values,Private values,Nonparametric testing,Winner’s curse,Stochastic dominance,Endogenous participation,Timber auctions
URLhttps://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/nonparametric-tests-for-common-values-in-first-price-sealed-bid-auctions/
来源智库Fondazione Eni Enrico Mattei (Italy)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/117100
推荐引用方式
GB/T 7714
Philip A. Haile,Han Hong,Matthew Shum. Nonparametric Tests for Common Values in First-Price Sealed-Bid Auctions. 2004.
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