Generalized variable inference for the expected winning bids

摘要

In most applications of auction theory, the common-value settings and privatevalue settings play an important role for participation in bids. It is planned to develop a generalized variable inference method for the winning bids under both the common-value and the private-value paradigms. In the work under the common-value setting, the Weibull and normal distribution are considered for modeling the cost estimates whereas under the private-value setting, the Weibull, Pareto and exponential distributions are considered. It is proposed to develop a generalized variable tests and generalized variable confidence intervals of the expected winning bids for risk-neutral sealed-bid auctions with common-and private-bidders under various bidders' cost estimate distributions. The proposed inference method for the expected winning bid is illustrated using simulation studies. (18 refs.)