Harry J. Paarsch

  1. Testing affiliation in private-values models of first-price auctions using grid distributions.

    Authors: Luciano I. de Castro, Harry J. Paarsch
    Subjects: Applications
    Abstract

    Within the private-values paradigm, we construct a tractable empirical model
    of equilibrium behavior at first-price auctions when bidders' valuations are
    potentially dependent, but not necessarily affiliated. We develop a test of
    affiliation and apply our framework to data from low-price, sealed-bid auctions
    held by the Department of Transportation in the State of Michigan to procure
    road-resurfacing services: we do not reject the hypothesis of affiliation in
    cost signals.

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