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Value bounds and best response violations in discriminatory share auctions
Häfner, Samuel - 2015
This paper analyzes a discriminatory share auction in which bidders submit non-increasing step functions with a bounded number of steps, the type space consists of private non-increasing marginal valuation functions, and the number of participants is random. I show that the interim utility can...
Persistent link: https://www.econbiz.de/10011629967
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Reserve price effects in auctions : estimates from multiple RD designs
Choi, Syngjoo; Nesheim, Lars; Rasul, Imran - 2010
We present evidence from 260,000 online auctions of second-hand cars to identify the impact of public reserve prices on auction outcomes. To establish causality, we exploit multiple discontinuities in the relationship between reserve prices and vehicle characteristics to present RD estimates of...
Persistent link: https://www.econbiz.de/10008688876
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The performance of the eurosystem's fixed rate tenders since 2004 : theory and evidence
Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - 2010
monetary policies. While academic research has largely dismissed the procedure for its tendency to encourage overbidding … considering an auction-theoretic setting with privately known declining marginal valuations. Since overbidding entails exposure … risk, an equilibrium may exist even if bids are costless and the intended amount is pre-announced. In fact, rationing may …
Persistent link: https://www.econbiz.de/10008797780
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Entry in liberalized railway markets : the German experience
Lalive, Rafael (contributor); Schmutzler, Armin (contributor) - 2007 - Rev. version
In Germany, competitive franchising is increasingly being used to procure passenger railway services that were previously provided by a state monopolist. This paper analyzes 77 tenders that differ with respect to network size, service frequency, contract duration and the proximity to other lines...
Persistent link: https://www.econbiz.de/10003387556
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Preemptive bidding, target resistance, and takeover premiums
Dimopoulos, Theodosios; Sacchetto, Stefano - 2011
This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that encompasses both explanations. We estimate the model parameters...
Persistent link: https://www.econbiz.de/10009375142
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Testing for equilibrium multiplicity in dynamic Markov games
Otsu, Taisuke; Pesendorfer, Martin; Takahashi, Yuya - 2013
This paper proposes several statistical tests for finite state Markov games to examine the null hypothesis that the data are generated from a single equilibrium. We formulate tests of (i) the conditional choice probabilities, (ii) the steady-state distribution of states and (iii) the conditional...
Persistent link: https://www.econbiz.de/10010199002
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Competition in treasury auctions
Elsinger, Helmut; Schmidt-Dengler, Philipp; Zulehner, … - 2016
We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on...
Persistent link: https://www.econbiz.de/10011436067
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Late and multiple bidding in second price Internet auctions : theory and evidence concerning different rules for ending an auction
Ockenfels, Axel; Roth, Alvin E. - 2003
In second price internet auctions with a fixed end time, such as those on eBay, many bidders snipe , i.e., they submit their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that are automatically extended if a bid is submitted very...
Persistent link: https://www.econbiz.de/10011508091
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Microeconomic models with latent variables : applications of measurement error models in empirical industrial organization and labor economics
Hu, Yingyao - 2015
This paper reviews recent developments in nonparametric identi.cation of mea- surement error models and their applications in applied microeconomics, in particular, in empirical industrial organization and labor economics. Measurement error models describe mappings from a latent distribution to...
Persistent link: https://www.econbiz.de/10010469057
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Competition in treasury auctions
Elsinger, Helmut; Schmidt-Dengler, Philipp; Zulehner, … - 2016
We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on...
Persistent link: https://www.econbiz.de/10011495132