Using all bids in parametric estimation of first-price auctions

Tong Li, Quang Vuong

    Research output: Contribution to journalArticle

    Abstract

    Recently Laffont et al. (1995) have proposed an SNLLS estimator using winning bids only. Here, we derive a relationship between the means of observed bids and private values to propose an SNLLS estimator using all bids in first-price auctions.

    Original languageEnglish (US)
    Pages (from-to)321-325
    Number of pages5
    JournalEconomics Letters
    Volume55
    Issue number3
    DOIs
    StatePublished - Sep 12 1997

    Keywords

    • D44
    • First-price auctions
    • Simulated nonlinear least-squares

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

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