کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5096641 1376540 2012 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Semiparametric estimation in models of first-price, sealed-bid auctions with affiliation
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات آمار و احتمال
پیش نمایش صفحه اول مقاله
Semiparametric estimation in models of first-price, sealed-bid auctions with affiliation
چکیده انگلیسی
Within the affiliated private-values paradigm, we develop a tractable empirical model of equilibrium behaviour at first-price, sealed-bid auctions. The model is non-parametrically identified, but the rate of convergence in estimation is slow when the number of bidders is even moderately large, so we develop a semiparametric estimation strategy, focusing on the Archimedean family of copulae and implementing this framework using particular members-the Clayton, Frank, and Gumbel copulae. We apply our framework to data from low-price, sealed-bid auctions used by the Michigan Department of Transportation to procure road-resurfacing services, rejecting the hypothesis of independence and finding significant (and high) affiliation in cost signals.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Econometrics - Volume 168, Issue 1, May 2012, Pages 4-16
نویسندگان
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