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具有不可分未观测异质性的第一价格拍卖识别AI 解读

We propose a novel methodology for identification of first-price auctions, when bidders’ private valuations are independent conditional on one-dimensional unobserved heterogeneity. We extend the existing literature (Li and Vuong, 1998; Krasnokutskaya, 2011) by allowing the unobserved heterogeneity to be non-separable from bidders’ valuations. Our central identifying assumption is that the distribution of bidder values is increasing in the state. When the state-space is…

可分物品拍卖中的机制选择与策略性竞价：土耳其国债拍卖实证AI 解读

We propose an estimation method to bound bidders' marginal valuations in discriminatory auctions using individual bid-level data and apply the method to data from the Turkish Treasury auction market. Using estimated bounds on marginal values, we compute an upper bound on the inefficiency of realized allocations as well as bounds on how much additional revenue could have been realized in a counterfactual uniform price or Vickrey auction. We conclude that switching from a…

多单位拍卖的部分识别与可检验限制AI 解读

Bidders' values in discriminatory and uniform-price auctions are not necessarily point-identified under the assumptions of equilibrium bidding and independent private values, but meaningful policy analysis can proceed from bounds on bidder values. This paper provides upper and lower bounds on the set of values that can rationalize a given distribution of bids, under the additional (and standard) assumption of non-increasing marginal values. Novel testable implications of the…