Econometrics of First-Price Auctions
一价拍卖的计量经济学
This paper proposes a convenient estimation method for the empirical study of auction models. The authors focus on first-price sealed-bid and descending auctions within the private value paradigm. The method relies upon a simulated nonlinear least squares objective function appropriately adjusted. Asymptotic properties are established and some extensions are discussed. The method is applied to a market of agricultural products. The structural modeling takes into account the…