Federico A. Bugni, Yulong Wang
arXiv 16 Nov 2023 · Econometrics
arXiv:2311.09972 · PDF · DOI · OpenAlex · Extracted main text
This paper studies inference in first- and second-price sealed-bid auctions with many bidders, using an asymptotic framework where the number of bidders increases while the number of auctions remains fixed. Relevant applications include online, treasury, spectrum, and art auctions. Our approach enables asymptotically exact inference on key features such as the winner's expected utility, the seller's expected revenue, and the tail of the valuation distribution using only transaction price data. Our simulations demonstrate the accuracy of the methods in finite samples. We apply our methods to Hong Kong vehicle license auctions, focusing on high-priced, single-letter plates.
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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 | Krishna, V (2009) Auction theory | 0.950 | 7 | 3 | 86% |
| 2 | Guerre, E., I. Perrigne, and Q. Vuong (2000) Optimal nonparametric estimation of first-price auctions | 0.941 | 6 | 4 | 83% |
| 3 | de Haan, L. and A. Ferreira (2006) Extreme value theory: an introduction | 0.874 | 12 | 4 | 67% |
| 4 | Guerre, E. and Y. Luo (2022) Nonparametric Identification of First-Price Auction with Unobserved Competition: A Density Discontinuity Framework | 0.874 | 5 | 2 | 100% |
| 5 | Müller, U. K. and Y. Wang (2017) Fixed-$k$ asymptotic inference about tail properties | 0.822 | 6 | 2 | 83% |
| 6 | Elliott, G., U. K. Müller, and M. W. Watson (2015) Nearly optimal tests when a nuisance parameter is present under the null hypothesis | 0.737 | 3 | 3 | 67% |
| 7 | Haile, P. A. and E. Tamer (2003) Inference with an incomplete model of English auctions | 0.737 | 3 | 2 | 100% |
| 8 | Maskin, E. and J. G. Riley (1984) Optimal auction with risk averse buyers | 0.644 | 2 | 2 | 100% |
| 9 | Li, T., I. Perrigne, and Q. Vuong (2000) Conditionally independent private information in OCS wildcat auctions | 0.644 | 2 | 2 | 100% |
| 10 | Müller, U. K (2011) Efficient tests under a weak convergence assumption | 0.511 | 4 | 2 | 25% |
Showing the top 10 of 63 scored citations.