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.
- First-price auctions
- Simulated nonlinear least-squares
ASJC Scopus subject areas
- Economics and Econometrics