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

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

2011-01-07

arxiv.org/abs/1101.1398v1

Annals of Applied Statistics 2010, Vol. 4, No. 4, 2073-2098

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Published in at http://dx.doi.org/10.1214/10-AOAS344 the Annals of Applied Statistics (http://www.imstat.org/aoas/) by the Ins

Scientific paper

10.1214/10-AOAS344

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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