A Bayesian approach to the econometrics of first-price auctions

We propose a Bayesian approach to empirical auction models. We argue that the Bayesian paradigm is more suitable to the study of empirical strategic models than its frequentist counterpart. We perform an estimation of our model on an auction of hand-made miniature sculptures organized by Christie's in London.

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Year of publication:	1998-04-01
Authors:	ALBANO, Gian Luigi ; JOUNEAU, Fréféric
Institutions:	Center for Operations Research and Econometrics (CORE), École des Sciences Économiques de Louvain
Subject:	ﬁrst-price auction \| private values \| Bayesian inference \| Gibbs sampling

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Extent:	application/pdf
Series:	CORE Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series UNIVERSITE CATHOLIQUE DE LOUVAIN, Center for Operations Research and Econometrics (CORE) Number 1998031
Classification:	D44 - Auctions ; C11 - Bayesian Analysis ; C15 - Statistical Simulation Methods; Monte Carlo Methods
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005043680