Econometrics of auctions by least squares
نویسندگان
چکیده
منابع مشابه
Econometrics of Auctions by Least Squares
This paper proposes a method to structurally estimate an auction model using a variation of OLS, under commonly held assumptions in both auction theory and econometrics. In spite of its computational simplicity, the method applies to a wide variety of environments, including interdependent values in general, and certain forms of endogenous participation and bidder asymmetry. Furthermore, it can...
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1. Introduction. Recent empirical and anecdotal evidence suggests that different auction rules generate important differences in bidding behavior. Milgrom (1996) compares auctions for the sale of the radio spectrum held in the United States, New Zealand and Australia. The Australian and New Zealand auctions were characterized by wildly different prices for similar bandwidths. In the United Stat...
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The standard approaches to solving overdetermined linear systems Ax ≈ b construct minimal corrections to the vector b and/or the matrix A such that the corrected system is compatible. In ordinary least squares (LS) the correction is restricted to b, while in data least squares (DLS) it is restricted to A. In scaled total least squares (Scaled TLS) [15], corrections to both b and A are allowed, ...
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ژورنال
عنوان ژورنال: Journal of Applied Econometrics
سال: 2008
ISSN: 0883-7252,1099-1255
DOI: 10.1002/jae.1036