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A Bayesian approach to the econometrics of first-price auctions

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Albano, Gian-Luigi Jouneau, Frédéric

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.

Document type Document de travail (Working Paper)
Access type Accès libre
Publication date 1998
Collection CORE Discussion Papers - 1998/31
Affiliation UCL - CORE - Center for Operations Research and Econometrics
Keywords First-Price Auction ; Private Values ; Bayesian Inference ; Gibbs Sampling
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Bibliographic reference Albano, Gian-Luigi ; Jouneau, Frédéric. A Bayesian approach to the econometrics of first-price auctions. CORE Discussion Papers ; 1998/31 (1998)
Permanent URL http://hdl.handle.net/2078.1/3936