论文标题
订单统计方法在拍卖中未观察到的异质性
Order Statistics Approaches to Unobserved Heterogeneity in Auctions
论文作者
论文摘要
我们使用三个连续的投标统计数据来建立具有连续和不可分割的异质性的拍卖模型的非参数鉴定。然后，我们建议对未观察到的异质性和私人价值的联合分布及其条件和边缘分布的联合分布进行最大筛子估计量。最后，我们将方法应用于中国司法拍卖的新型数据集。我们的估计表明，在设定储备价格时，考虑到未观察到的异质性的巨大收益。我们提出了一个简单的计划，该计划通过将评估价值作为储备价格来获得几乎最佳的收入。
We establish nonparametric identification of auction models with continuous and nonseparable unobserved heterogeneity using three consecutive order statistics of bids. We then propose sieve maximum likelihood estimators for the joint distribution of unobserved heterogeneity and the private value, as well as their conditional and marginal distributions. Lastly, we apply our methodology to a novel dataset from judicial auctions in China. Our estimates suggest substantial gains from accounting for unobserved heterogeneity when setting reserve prices. We propose a simple scheme that achieves nearly optimal revenue by using the appraisal value as the reserve price.
