An empirical model of the multi‐unit, sequential, clock auction
构建了多单位顺序时钟拍卖中投标者参与和出价的模型，提出基于广义维克里拍卖的算法计算预期中标价，并用俄罗斯木材出口许可证拍卖数据估计参数。
Abstract We construct a model of participation and bidding at multi‐unit, sequential, clock auctions when bidders have multi‐unit demand. We describe conditions sufficient to characterize a symmetric, perfect‐Bayesian equilibrium and then demonstrate that this equilibrium induces an efficient allocation. We propose an algorithm, based on the generalized Vickrey auction, to calculate the expected winning bid for each unit sold. This algorithm allows us to construct a simulation‐based estimator of the parameters for both the participation process and the distribution of latent valuations. We apply our method to data from 37 multi‐lot, sequential, English auctions of export permits for timber held in Russia. Copyright © 2006 John Wiley & Sons, Ltd.