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- W2152002783 abstract "In many procurement auctions, the bidders' unobserved costs depend both on a common shock and on idiosyncratic private information. Assuming a multiplicative structure, I derive sufficient conditions under which the model is identified and propose a non-parametric estimation procedure that results in uniformly consistent estimators of the cost components' distributions. The estimation procedure is applied to data from Michigan highway procurement auctions. Private information is estimated to account for 34% of the variation in bidders' costs. It is shown that accounting for unobserved auction heterogeneity has important implications for the evaluation of the distribution of rents, efficiency, and optimal auction design." @default.
- W2152002783 created "2016-06-24" @default.
- W2152002783 creator A5003698357 @default.
- W2152002783 date "2011-01-01" @default.
- W2152002783 modified "2023-10-01" @default.
- W2152002783 title "Identification and Estimation of Auction Models with Unobserved Heterogeneity" @default.
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- W2152002783 doi "https://doi.org/10.1093/restud/rdq004" @default.
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