Computationally convenient distributional assumptions for common value auctions
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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- 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.
- 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 & Vuong, 1993. "Structural econometric analysis of descending auctions," Working Papers 162321, Institut National de la Recherche Agronomique, France.
- Laffont & Vuong, 1993. "Structural econometric analysis of descending auctions," Working Papers 154723, Institut National de la Recherche Agronomique, France.
- Laffont, J.J. & Vuong, Q., 1992. "Structural Econometrics Analysis of Descending Auctions," Papers 92.272, Toulouse - GREMAQ.
- Laffont, J.J. & Vuong, Q., 1992. "Structural Econometrics Analysis of descending Auctions," Papers 9202, Southern California - Department of Economics.
- 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.
- 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.
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