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| Author: | Laffont, J.-J. Ossard, H. Vuing, Q. |
| Title: | Econometrics of first-price auctions |
| Journal: | Econometrica
1995 : JUL, VOL. 63:4, p. 953-980 |
| Index terms: | ECONOMETRICS AUCTIONS VALUATION |
| Language: | eng |
| Abstract: | In this paper the authors propose an estimation method for the empirical study of theoretical auction models. The authors focus on first-price sealed bid and descending auctions and they adopt the private value paradigm, where each bidder is assumed to have a different private value, only known to him, for the object that is auctioned. The proposed method is based on simulations. The authors illustrate the proposed method by studying a market of agricultural products, where descending auctions are used. |
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