Nonparametric Identification and Estimation of Multi-Unit, Sequential, Oral, Ascending-Price Auctions with Asymmetric Bidders

Harry Paarsch and Bjarne Brendstrup

No 149, Econometric Society 2004 North American Winter Meetings from Econometric Society

Abstract: Within the independent private-values paradigm, we derive the data-generating process of the winning bid for the last unit sold at sequential English auctions when bidder valuations are draws from one of several different classes of distributions; i.e., in the presence of asymmetries. When the identify of the winner as well as the number of units won by each bidder in previous stages of the auction are observed, we demonstrate nonparametric identification, and then propose two estimation strategies, one based on the empirical distribution function of winning bids for the last unit sold and the other based on Laguerre polynomials. Subsequently, we apply our method to data from fish auctions held in Grenaa, Denmark. For single-unit supply, we use our estimates to compare the revenues a seller could expect to earn were a Dutch auction employed instead

Keywords: asymmetric, multi-unit, sequential, English fish auctions; Dutch auctions; semi-nonparametric estimation (search for similar items in EconPapers)
JEL-codes: C14 D44 L1 Q22 (search for similar items in EconPapers)
Date: 2004-08-11
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Related works:
Working Paper: Nonparametric Identification and Estimation of Multi-Unit, Sequential, Oral, Ascending-Price Auctions with Asymmetric Bidders (2004)
Working Paper: Nonparametric Identification and Estimation of Multi-Unit, Sequential, Oral, Ascending-Price Auctions With Asymmetric Bidders (2004)
Working Paper: Nonparametric Identification and Estimation of Multi-Unit, Sequential, Oral, Ascending-Price Auctions with Asymmetric Bidders (2004)
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