Yao Luo, Peijun Sang, Ruli Xiao
arXiv 7 Oct 2022 · Econometrics · publishedElectronic Journal of Statistics (2024) · 4 citations (OpenAlex)
arXiv:2210.03547 · PDF · DOI · OpenAlex · Extracted main text
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.
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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | Hu, Y. and S. M. Schennach (2008) Instrumental variable treatment of nonclassical measurement error models | 1.000 | 12 | 4 | 100% |
| 2 | Guerre, E., I. Perrigne, and Q. Vuong (2000) Optimal nonparametric estimation of first-price auctions | 0.928 | 4 | 3 | 100% |
| 3 | Luo, Y. and R. Xiao (2022) Identification of Auction Models Using Order Statistics, Working Paper, https://arxiv.org/abs/2205.12917 self | 0.874 | 6 | 2 | 100% |
| 4 | Menzel, K. and P. Morganti (2013) Large sample properties for estimators based on the order statistics approach in auctions | 0.737 | 3 | 2 | 100% |
| 5 | Guerre, E. and Y. Luo (2022) Nonparametric identification of first-price auction with unobserved competition: a density discontinuity framework, Working Paper | 0.644 | 2 | 2 | 100% |
| 6 | Mbakop, E (2017) Identification of auctions with incomplete bid data in the presence of unobserved heterogeneity, Tech | 0.644 | 2 | 2 | 100% |
| 7 | Haile, P. A. and E. Tamer (2003) Inference with an incomplete model of English auctions | 0.644 | 2 | 2 | 100% |
| 8 | Athey, S. and P. A. Haile (2002) Identification of standard auction models | 0.511 | 2 | 1 | 100% |
| 9 | Hernández, C., D. Quint, and C. Turansick (2020) Estimation in English auctions with unobserved heterogeneity | 0.511 | 2 | 1 | 100% |
| 10 | Cho, J., Y. Luo, and R. Xiao (2022) Deconvolution From Two Order Statistics, Tech | 0.405 | 1 | 1 | 100% |
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