全球智库信息集成服务系统(G2TT): DP6131 The Farm, the City and the Emergence of Social Security

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6131
	DP6131 The Farm, the City and the Emergence of Social Security
	Thomas Cooley; Nezih Guner; Elizabeth Caucutt
发表日期	2007-02-14
出版年	2007
语种	英语
摘要	This paper considers the problem of identification and estimation in the first-price multi-unit auction. It is motivated by the auctions of bus routes held in London where bidders submit bids on combinations of routes as well as on individual routes. We show that submitting a combination bid lower than the sum of the bids on the constituent routes does not require cost synergies and can instead serve as a tool to leverage market power across the different routes. As a result, the welfare consequences of allowing combination bidding in the first price auction are ambiguous, and depend on the importance of the cost synergies. We provide conditions for non-parametric identification of the multidimensional private information in the multi-unit first price auction and derive partial identification results when they are not satisfied. We propose an estimation method consisting of two stages: In the first stage, the distribution of bids is estimated parametrically. In the second stage, the (set of) costs and distribution(s) of costs consistent with the observed behavior are inferred based on the first order conditions for optimally chosen bids. We apply the estimation method to data from the London bus routes market. We quantify the magnitude of cost synergies and assess possible efficiency losses arising in this market.
主题	Industrial Organization
关键词	Combinatorial auction Empirical Multi-unit auction Procurement
URL	https://cepr.org/publications/dp6131
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/534968
推荐引用方式 GB/T 7714	Thomas Cooley,Nezih Guner,Elizabeth Caucutt. DP6131 The Farm, the City and the Emergence of Social Security. 2007.