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Open Outcry Auctions with Secret Reserve Prices: An Empirical Application to Executive Auctions of Tenant Owner's Apartments in Sweden
Department of Economics, Uppsala University, Uppsala, Sweden.
Örebro University, Örebro University School of Business.ORCID iD: 0000-0002-1746-7884
2003 (English)In: Journal of Econometrics, ISSN 0304-4076, E-ISSN 1872-6895, Vol. 114, no 2, p. 243-260Article in journal (Refereed) Published
Abstract [en]

This paper considers an open outcry auction with a secret reserve price within the independent private-values paradigm. The theoretical model is mapped into an econometric specification and the distribution of private values is estimated. The objective is to quantify the seller's expected profit from moving to a mechanism where the reserve price is announced. Simulations indicate that the seller's revenue is about 10% higher if a reserve price is announced.

Place, publisher, year, edition, pages
Elsevier, 2003. Vol. 114, no 2, p. 243-260
Keywords [en]
English auction, Reserve price, Structural estimation
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:oru:diva-39888DOI: 10.1016/S0304-4076(03)00084-8ISI: 000182430200003Scopus ID: 2-s2.0-0346724422OAI: oai:DiVA.org:oru-39888DiVA, id: diva2:773363
Available from: 2014-12-18 Created: 2014-12-18 Last updated: 2017-12-05Bibliographically approved

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Lunander, Anders

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