A Bayesian approach to the econometrics of first-price auctions

Gian Luigi Albano and Fréféric Jouneau ()
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Gian Luigi Albano: Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium
Fréféric Jouneau: GREMARS, Université de Lille 3 and Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium

No 1998031, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: We propose a Bayesian approach to empirical auction models. We argue that the Bayesian paradigm is more suitable to the study of empirical strategic models than its frequentist counterpart. We perform an estimation of our model on an auction of hand-made miniature sculptures organized by Christie's in London.

Keywords: first-price auction; private values; Bayesian inference; Gibbs sampling. (search for similar items in EconPapers)
JEL-codes: C11 C15 D44 (search for similar items in EconPapers)
Date: 1998-04-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:1998031

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