Computationally Convenient Distributional Assumptions for Common-Value Auctions
Although the mathematical foundations of common-value auctions have been well understood since Milgrom and 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, yet permit straightforward calculation of equilibrium bidding strategies. Citation Copyright 1998 by Kluwer Academic Publishers.
Volume (Year): 12 (1998)
Issue (Month): 1 (August)
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- Laffont & Vuong, 1993. "Structural econometric analysis of descending auctions," Working Papers 162321, Institut National de la Recherche Agronomique, France.
- Laffont, Jean-Jacques & Vuong, Quang, 1993.
"Structural econometric analysis of descending auctions,"
European Economic Review,
Elsevier, vol. 37(2-3), pages 329-341, April.
- Laffont, J.J. & Vuong, Q., 1992. "Structural Econometrics Analysis of descending Auctions," Papers 9202, Southern California - Department of Economics.
- Laffont, J.J. & Vuong, Q., 1992. "Structural Econometrics Analysis of Descending Auctions," Papers 92.272, Toulouse - GREMAQ.
- 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.
- Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
- McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
- 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.
- Laffont & Vuong, 1993. "Structural econometric analysis of descending auctions," Working Papers 154723, Institut National de la Recherche Agronomique, France.
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