October 2001 <p> We derive some theoretical economic properties of standard discrete choice econometric models that we believe are undesirable if the models are to be used as structural models of demand. We show that many standard models have the following properties: as the number of products...</p>

June 2001 <p> We study the identification and estimation of preferences in hedonic discrete choice models of demand for differentiated products. In the hedonic discrete choice model, products are represented as a finite dimensional bundle of characteristics, and consumers maximize utility subject...</p>

August 2002 <p> We present a three-stage estimation procedure to recover willingness to pay for housing attributes. In the first stage, we estimate a non-parametric hedonic home price function. Second, we recover each consumer’s taste parameters for product characteristics using first order...</p>

Revised October 2002 <p> When should a buyer award a procurement contract through competitive bidding, and when would negotiating with the sellers be preferred? To shed some light on this question, we examine a unique data set of non-residential, private sector building contracts awarded in...</p>

April 2002 <p> This article surveys empirical findings from recent studies of Internet auctions and summarizes the economic insights gained from these findings. The main questions addressed in this article are: What are the rules of the game used in online auctions and how do these rules influence...</p>

Revised March 2001 <p> This paper estimates a discrete choice model of housing product demand to study the causes of black urbanization. Our estimation strategy incorporates that there are unobserved product attributes which are correlated with observed product attributes. We bound racial...</p>

May 2001 <p> In many studies in empirical industrial organization, the economist needs to decide between several non-nested models of industry equilibrium. In this paper, we develop a new approach to the model selection problem that can be used when the economist must decide between models with...</p>

September 1999 <p> Economists are generally suspicious of equilibria that are not robust to small perturbations since Agents in real world problems may not be able to perfectly optimize. This research studies two forms of perturbations in a benchmark auction model where firms submit sealed bids to...</p>

February 2003 <p> Recently, economists have developed methods for structural estimation of auction models. Many researchers object to these methods because they find the rationality assumptions used in these models to be implausible. In this paper, we explore whether structural auction models can...</p>