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Computationally convenient distributional assumptions for common value auctions

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  • Michael B. Gordy

Abstract

Although the mathematical foundations of common value auctions have been well understood since Milgrom & Weber (1982), equilibrium bidding strategies are computationally complex. Very few calculated examples can be found in the literature, and only for highly specialized cases. This paper introduces two sets of distributional assumptions that are flexible enough for theoretical and empirical applications and yet permit straightforward calculation of equilibrium bidding strategies.

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File URL: http://www.federalreserve.gov/pubs/feds/1997/199705/199705pap.pdf
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Bibliographic Info

Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 1997-5.

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Date of creation: 1997
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Handle: RePEc:fip:fedgfe:1997-5

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Related research

Keywords: Auctions ; Econometrics;

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References

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  1. Engelbrecht-Wiggans & Robert J. Weber, 1979. "On the Non-Existence of Multiplicative Equilibrium Bidding Strategies," Cowles Foundation Discussion Papers 523, Cowles Foundation for Research in Economics, Yale University.
  2. Levin, Dan & Smith, James L, 1991. "Some Evidence on the Winner's Curse: Comment," American Economic Review, American Economic Association, vol. 81(1), pages 370-75, March.
  3. Laffont, J.J. & Vuong, Q., 1992. "Structural Econometrics Analysis of descending Auctions," Papers 9202, Southern California - Department of Economics.
  4. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
  5. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
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Cited by:
  1. Horowitz, John K. & Lynch, Lori & Stocking, Andrew, 2007. "Competition-Based Environmental Policy: An Analysis of Farmland Preservation in Maryland," Working Papers 7340, University of Maryland, Department of Agricultural and Resource Economics.
  2. Gómez-Déniz, Emilio & Sordo, Miguel A. & Calderín-Ojeda, Enrique, 2014. "The Log–Lindley distribution as an alternative to the beta regression model with applications in insurance," Insurance: Mathematics and Economics, Elsevier, vol. 54(C), pages 49-57.

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