Interregional Price Difference in the New Orleans Auctions Market for Slaves
新奥尔良奴隶拍卖市场的地区间价格差异AI 解读 ↓
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AI 根据所提供的论文材料归类：摘要明确使用对称独立私人价值拍卖模型处理未观测竞买人数并解释成交价格。
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新奥尔良奴隶拍卖市场的地区间价格差异
- 研究问题
- 1804—1862年新奥尔良奴隶拍卖的成交价地区差异，在考虑未观测竞买人数与地区生产率后是否仍然存在？
- 方法与思路
- 作者采用对称独立私人价值拍卖框架，提出处理未观测竞买人数所致遗漏变量偏差的估计策略，再考察来源地区的价格差异。
- 材料陈述的贡献
- 摘要称，平均竞买人数约翻倍，20人增至30人使平均成交价提高约10%；来源地区差异在控制地区生产率后消失。
- 阅读关注点
- 应核对拍卖规则与私人价值假设、未观测竞买人数的识别和估计，以及生产率控制的构造与价格差异结论的敏感性。
- 阅读边界
- 所给出版社摘要未说明完整识别条件、估计不确定性或生产率测量；所报人数与价格变化应作为模型内结果理解。
原文摘要
Our article investigates the variation of winning bids in slave auctions held in New Orleans from 1804 to 1862. Specifically, we measure the variation in the price of slaves conditional on their geographical origin. Previous work using a regression framework ignored the auction mechanism used to sell slaves. This introduced a bias in the conditional mean of the winning bid because it depended on the number of bidders participating in the auction. Unfortunately, the number of bidders is unobserved by the econometrician.We adopt the standard framework of a symmetric independent private value auction and propose an estimation strategy to attempt to deal with this omitted variable bias. Our estimate of the mean number of bidders doubled from 1804 to 1862. We find the number of bidders had a significant positive effect on the average winning bid. An increase from 20 to 30 bidders in an auction raised the average winning bid by around 10%. The price variation according to the geographical origin of slaves found in earlier work continues to persist after accounting for the omitted variable. We also find a new result that a considerable premium is paid for slaves originating from New Orleans. However, this price variation disappears once we account for regional productivity differences.