Order Statistics Approaches to Unobserved Heterogeneity in Auctions

We establish nonparametric identification of auction models with continuous unobserved heterogeneity using three consecutive order statistics of bids. We then propose sieve maximum likelihood estimators for estimating the unobserved heterogeneity distribution and the value distributions jointly. Lastly, we apply our methodology to a novel dataset from judicial auctions in China. Our estimates suggest substantial gains from accounting for unobserved heterogeneity in reserve prices. We propose a simple scheme that achieves nearly optimal revenue by using the appraisal value as the reserve price

MoreLess

Year of publication:	[2021]
Authors:	Luo, Yao ; Sang, Peijun ; Xiao, Ruli
Publisher:	[S.l.] : SSRN
Subject:	Auktionstheorie \| Auction theory \| Wahrscheinlichkeitsrechnung \| Probability theory \| Auktion \| Auction

freely available

Full text |

More access options

doi.org

Check Google Scholar

In German libraries (KVK)

I need help

Which error do you want to report?

Report: URL of this record is broken

Please note: Sometimes more than one URL is available for a resource. Please click on "More Options" to display these URLs

Report: Addition of an URL to that resource

Please note: Sometimes more than one URL is available for a resource. Please click on "More Options" to display these URLs

Report: The language(s) of that resource is/are…

Please note: Required language not in the list? Please use comment field

Report: Addition of an identifier to that resource

Report: report typo

Report: Add statement

Report: Add keywords

Please use the commentary box to describe other errors

Would you like to receive a feedback?

Commentary

Please type the code from the image

For general questions please use this address.

Persistent link: https://www.econbiz.de/10013251906