The Simple Algebra of Surplus in Open, Private Values Auctions : A Nested Logit Merger Model

In a private values, open auction, we show that bidder surplus can be expressed as a simple difference between unconditional moments of order statistics. The strength of the result is its simplicity and generality, as we dispense with the typical assumptions of independence and/or symmetry. We show how to use the expression to derive closed-form expressions for the effects of a merger among bidders for any joint value distribution, and illustrate its use by simulating the effects of the 2016 proposed Anthem-Cigna merger using a nested logit specification

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Year of publication:	2018
Authors:	Froeb, Luke M.
Other Persons:	Mares, Vlad (contributor) ; Taragin, Charles (contributor) ; Tschantz, Steven (contributor)
Publisher:	[2018]: [S.l.] : SSRN
Subject:	Auktionstheorie \| Auction theory \| Fusion \| Merger \| Logit-Modell \| Logit model \| Auktion \| Auction

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