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- W2188549472 abstract "In empirical auctions, valuations among bidders are asymmetric due to the heterogeneities in tastes, firm size, participation costs, asymmetric information, joint bidding, and collusion. For empirical investigation of asymmetries among bidders, several asymmetric auction estimation methods and empirical applications have been proposed in the literature. However, due to the impossibility of observing bidders valuations in empirical auctions, the reasonability of estimates is not examined. In this paper, we investigate the validity of asymmetric auction estimates by using experimental auction data in which researchers observe bidders’ valuations. Specifically, we investigate estimates derived from the two-step estimation methods proposed by Campo, Perrigne, and Vuong (2003, Applied Econometrics). Our research takes three steps: First, we recover valuation distributions from observed bids in experiments with the proposed two-step estimation method. Second, by the Kolmogoro-Smirnov test, we examine if recovered (estimated) valuation distributions are equal to observed (controlled) valuations in auction experiments. Third, we demonstrate how the risk-averse preference model improves asymmetric auction estimates. This paper clarifies reasonability and required improvements in empirical asymmetric auction research." @default.
- W2188549472 created "2016-06-24" @default.
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- W2188549472 date "2011-01-01" @default.
- W2188549472 modified "2023-09-27" @default.
- W2188549472 title "Evaluating Empirical Asymmetric Auction Estimates: Lessons from Experimental Auction Data" @default.
- W2188549472 hasPublicationYear "2011" @default.
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