Testing Informational Assumptions in Common Value Bidding Models
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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Volume (Year): 88 (1986)
Issue (Month): 4 ()
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