Generalized Variable Inference for the Expected Winning Bids

摘要

Within both the common- and private-value paradigms, statistical inferences for the expected winning bids are considered. Under the commonrvatue setting, Weibull and normal distributions are considered for modeling the cost estimates whereas Weibull, Pareto, and exponential distributions are considered under the private-value setting, Using the recently introduced Generalized Variable Method (GVM), we propose generalized tests and generalized confidence Intervals for the expected winning blds for risk-neutral sealed-bid auctions with common- and private-value bidders under various bidders' cost-estimate distributions. A simulation study is described to illustrate the proposed procedures.