Chernomaz, K. and Yoshimoto, H. (2014) Are Estimates of Asymmetric First-Price Auction Models Credible? Semi & Nonparametric Scrutinizations. Working Paper. UNSPECIFIED. (Unpublished)
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99262.pdf - Accepted Version 3MB |
Abstract
Structural first-price auction estimation methods, built upon Bayesian Nash Equilibrium (BNE), have provided prolific empirical findings. However, due to the latent nature of underlying valuations, the assumption of BNE is not feasibly testable with field data, a fact that evokes harsh criticism on the literature. To respond to skepticism regarding credibility, we provide a focused answer by scrutinizing estimates derived from experimental asymmetric auction data in which researchers observe valuations. We test the statistical equivalence between the estimated and true value distributions. The Kolmogorov-Smirnov test fails to reject the distributional equivalence, strongly supporting the credibility of structural asymmetric auction estimates.
| Item Type: | Research Reports or Papers (Working Paper) |
|---|---|
| Status: | Unpublished |
| Refereed: | No |
| Glasgow Author(s) Enlighten ID: | Yoshimoto, Dr Hisayuki |
| Authors: | Chernomaz, K., and Yoshimoto, H. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Copyright Holders: | Copyright © 2014 The Authors |
| Publisher Policy: | Reproduced with the permission of the authors |
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