Econometrics of auctions by least squares
使用最小二乘法进行拍卖计量分析
Abstract I investigate using the method of ordinary least squares (OLS) on auction data. I find that for parameterizations of the valuation distribution that are common in empirical practice, an adaptation of OLS provides unbiased estimators of structural parameters. Under symmetric independent private values, adapted OLS is a specialization of the method of moments strategy of Laffont, Ossard and Vuong ( 1995 ). In contrast to their estimator, here simulation is not…