Identification and estimation in sequential,asymmetric, English auctions |
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Authors: | Bjarne Brendstrup Harry J Paarsch |
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Institution: | 1. Department of Economics, Aarhus School of Business, DK 8200 Aarhus C, Denmark;2. Department of Economics, University of Iowa, Iowa City, IA 52242, USA |
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Abstract: | Within the independent private-values paradigm, we derive the data-generating process of the winning bid for the last unit sold at multi-unit, sequential, asymmetric, English auctions. When the identity of the winner and the number of units won by each bidder in previous stages of the auction are observed, we demonstrate nonparametric identification and propose a semi-nonparametric estimation strategy based on orthogonal polynomials. We apply our estimator to daily data from fish auctions in Denmark. For single-unit supply, we use our estimates to compare the revenues a seller could expect to earn were a Dutch auction employed instead. |
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Keywords: | C14 D44 L1 Q22 |
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