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Testing Informational Assumptions in Common Value Bidding Models

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  • Hoffman, Elizabeth
  • Marsden, James R
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    Abstract

    This paper provides an example of a means of linking mathematical theory, laboratory experiments, and standard empirical w ork. Theory, by necessity, abstracts from the naturally occurring world, and exp eriments designed to test theory must incorporate the same abstractions. On the other hand, empirical tests are generally performed on naturally occurring data, which may not reflect those same abstractions. Given this possible divergence, naturally occurring data should be tested for consistency with theoretical assum ptions whenever possible. On the basis of standard symmetric bidding theory, thi s paper reports on a preliminary version of such a test for offshore oil bidding data. Copyright 1986 by The editors of the Scandinavian Journal of Economics.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

    Volume (Year): 88 (1986)
    Issue (Month): 4 ()
    Pages: 627-41

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    Handle: RePEc:bla:scandj:v:88:y:1986:i:4:p:627-41

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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    Web: http://www.blackwellpublishing.com/subs.asp?ref=0347-0520

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    Cited by:
    1. Jean-Jacques Laffont, 1998. "Théorie des jeux et économie empirique : le cas des données issues d'enchères," Économie et Prévision, Programme National Persée, vol. 132(1), pages 121-137.

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