A Bayesian Approach to the Econometrics of First-Price Auctions.

We propose a Bayesian approach to empirical auction models. We argue that the Bayesian paradigm is more suitable to the study of empirical strategic models than its frequentist counterpart. We perform an estimation of our model on an auction of hand-made miniature sculptures organized by Christie's in London.

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Year of publication:	1998
Authors:	Albano, G.L. ; Jouneau, F.
Institutions:	Center for Operations Research and Econometrics (CORE), École des Sciences Économiques de Louvain
Subject:	MODELS \| ECONOMETRIC MODELS \| AUCTIONS (C.O.R.E.) \| LOUVAIN-LA-NEUVE BELGIQUE. 22p

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Series:	Papers.
Type of publication:	Book / Working Paper
Classification:	D44 - Auctions ; C11 - Bayesian Analysis ; C15 - Statistical Simulation Methods; Monte Carlo Methods
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005634105