In this paper we propose a two-step semiparametric procedure to estimate first-price auction models. In the first … accommodate multiple auction covariates. Monte Carlo exercises show that the estimator performs well both in estimating the value …

auction data can be learned without restrictions beyond those derived from the relevant economic model. This enables us to … take a nonparametric perspective in discussing how the structure of auction models can be combined with observables to … uncover (or test hypotheses about) primitives of interest in auction markets. We focus on first-price sealed-bid and ascending …

only of the bids submitted at each auction, and are based on the fact that the "winner's curse" arises only in common … expectation of the value of winning the auction. Equilibrium behavior implies that in a private values auction these expectations …

auction sites including eBay and General Motors Assistance Corporation. A buyer in a buy price auction can accept the buy … price to win with certainty and end the auction early. Intuitively, the buy price option may appeal to bidders who are risk … aversion and time preferences. We develop a private value model of bidder behavior in a buy price auction with a temporary buy …

The paper presents a framework for estimating a demand system from price data generated by a large scale auction … platform such as eBay. Auction prices are used to identify characteristics of the joint distribution using an order statistics …

asymmetric bidders and nonseperable auction-level unobserved heterogeneity …