| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24698 |
| 来源ID | Working Paper 24698 |
| The Simple Empirics of Optimal Online Auctions | |
| Dominic Coey; Bradley Larsen; Kane Sweeney; Caio Waisman | |
| 发表日期 | 2018-06-11 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study reserve prices computed to maximize the expected profit of the seller based on historical observations of incomplete bid data typically available to the auction designer in online auctions for advertising or e-commerce. This direct approach to computing reserve prices circumvents the need to fully recover distributions of bidder valuations. We derive asymptotic results and also provide a new bound, based on the empirical Rademacher complexity, for the number of historical auction observations needed in order for revenue under the estimated reserve price to approximate revenue under the optimal reserve arbitrarily closely. This simple approach to estimating reserves may be particularly useful for auction design in Big Data settings, where traditional empirical auctions methods may be costly to implement. We illustrate the approach with e-commerce auction data from eBay. We also demonstrate how this idea can be extended to estimate all objects necessary to implement the Myerson (1981) optimal auction. |
| 主题 | Econometrics ; Estimation Methods ; Microeconomics ; Market Structure and Distribution ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w24698 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582370 |
| 推荐引用方式 GB/T 7714 | Dominic Coey,Bradley Larsen,Kane Sweeney,et al. The Simple Empirics of Optimal Online Auctions. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24698.pdf（471KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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