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Identifier to cite or link to this item: https://hdl.handle.net/10086/29197

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Title
Semiparametric Estimation in Models of First-Price, Sealed-Bid Auctions with Affiliation
Creator
Creator Name
Hubbard, Timothy P. Hubbard, Timothy P.
Affiliation
Affiliation Name
Department of Economics, Texas Tech University
Creator Name
Li, Tong Li, Tong
Affiliation
Affiliation Name
Department of Economics, Vanderbilt University
Creator Name
Paarsch, Harry J. Paarsch, Harry J.
Affiliation
Affiliation Name
Department of Economics, University of Melbourne
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Affiliation
Affiliation Name
Institute of Economic Research, Hitotsubashi University
Key Word
first-price
sealed-bid auctions
copulae
affiliation
JEL
C20
D44
L1
Abstract
Within the affiliated private-values paradigm, we develop a tractable empirical model of equilibrium behaviour at first-price, sealed-bid auctions. The model is non-parametrically identified, but the rate of convergence in estimation is slow when the number of bidders is even moderately large, so we develop a semiparametric estimation strategy, focusing on the Archimedean family of copulae and implementing this framework using particular members--the Clayton, Frank, and Gumbel copulae. We apply our framework to data from low-price, sealed-bid auctions used by the Michigan Department of Transportation to procure road-resurfacing services, rejecting the hypothesis of independence and finding significant (and high) affiliation in cost signals.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2011-01
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series, No. 2010-10
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/English/index.html
NCID
AA11590659
Number of Pages
30
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/29197