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,"
154723, Institut National de la Recherche Agronomique, France.
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- 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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