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How to Set Minimum Acceptable Bids, with an Application to Real Estate Auctions

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Author Info
McAfee, R Preston
Quan, Daniel C
Vincent, Daniel R

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Abstract

In a general auction model with affiliated signals, common components to valuations and endogenous entry, we compute the equilibrium bidding strategies and outcomes, and derive a lower bound on the optimal reserve price. This lower bound can be computed using data on past auctions combined with information about the subsequent sales prices of unsold goods. We illustrate how to compute the lower bound using data from real estate auctions. Copyright 2002 by Blackwell Publishing Ltd

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Industrial Economics.

Volume (Year): 50 (2002)
Issue (Month): 4 (December)
Pages: 391-416
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:bla:jindec:v:50:y:2002:i:4:p:391-416

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  1. Sudip Gupta, 2004. "Endogenous Asymmetry and Entry in Sequential Multi-Unit Auctions: Identification and Estimation," Econometric Society 2004 North American Summer Meetings 566, Econometric Society. [Downloadable!]
  2. Orley Ashenfelter & Kathryn Graddy, 2002. "Art Auctions: A Survey of Empirical Studies," NBER Working Papers 8997, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. repec:att:wimass:19199933 is not listed on IDEAS
  4. repec:att:wimass:1920018 is not listed on IDEAS
  5. Tong Li & Xiaoyong Zheng, 2006. "Entry and competition effects in first-price auctions: theory and evidence from procurement auctions," CeMMAP working papers CWP13/06, Centre for Microdata Methods and Practice, Institute for Fiscal Studies. [Downloadable!]
  6. Takako Idee & Shinichiro Iwata & Teruyuki Taguchi, 2008. "Auction Price Formation with Costly Occupants: Evidence Using Data from the Osaka District Court," CIRJE F-Series CIRJE-F-593, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  7. Michael Peters, 1996. "Competition Among Mechanism Designers in a Common Value Environment," Working Papers peters-96-01, University of Toronto, Department of Economics. [Downloadable!]
    Other versions:
  8. Kathryn Graddy & Orley Ashenfelter, 2002. "Auctions and the Price of Art," Economics Series Working Papers 131, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
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This page was last updated on 2009-12-19.

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