Common Values, Unobserved Heterogeneity, and Endogenous Entry in US Offshore Oil Lease Auctions
美国海上油气租赁拍卖中的共同价值、不可观测异质性与内生进入
Although an auction of drilling rights is often cited as an example of common values, formal evidence has been limited by the problem of auction-level unobserved heterogeneity. We develop an empirical approach for first-price sealed-bid auctions with affiliated values, unobserved heterogeneity, and endogenous bidder entry. We show that important features of the model are nonparametrically identified and apply a semiparametric estimation approach to data from US offshore oil…