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Posterior Odds Comparison of a Symmetric Low-Price, Sealed-Bid Auction within the Common-Value and the Independent-Private-Values Paradigms

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Sareen, Samita

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Abstract

I attempt to decide, using the posterior odds ratio, whether the symmetric common-value paradigm or the symmetric independent-private-values paradigm is a more probable explanation of the low-price, sealed-bid auctions conducted by the Indian Oil Corporation to purchase crude-oil from the international market. The estimation approach is structural parametric. The auctions are modelled as static non-cooperative games of incomplete information with risk neutral bidders. I conclude that the symmetric independent-private-values paradigm is more probable.

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File URL: http://qed.econ.queensu.ca:80/jae/1999-v14.6/
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 14 (1999)
Issue (Month): 6 (Nov.-Dec.)
Pages: 651-76
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Handle: RePEc:jae:japmet:v:14:y:1999:i:6:p:651-76

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  1. Robert C. Marshall & Matthew E. Raiff & Jean-Francois Richard & Steven P. Schulenberg, 2006. "The Impact of Delivery Synergies on Bidding in the Georgia School Milk Market," The B.E. Journal of Economic Analysis & Policy, Berkeley Electronic Press, vol. 0(1). [Downloadable!]
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