Semiparametric Estimation of First-Price Auction Models
第一价格拍卖模型的半参数估计
In this article, we propose a two-step semiparametric procedure to estimate first-price auction models. In the first step, we estimate the bid density and distribution using local polynomial method, and recover a sample of (pseudo) private values. In the second step, we apply the method of moments to the sample of private values to estimate a finite set of parameters that characterize the density of private values. We show that our estimator attains the parametric…