Semiparametric Estimation of the Optimal Reserve Price in First-Price Auctions
证明第一价格拍卖中卖方的期望利润可表示为观测到的投标分布的泛函，并提出一种半参数极值估计量来一致估计最优保留价，并以OCS野猫拍卖为例进行说明。
AbstractThe optimal reserve price in the independent private value paradigm is generally expressed as a functional of the latent distribution of private signals, which is by nature unobserved. This feature has limited the implementation of the optimal reserve price in practice. In this article, we consider first-price auctions within the general affiliated private values paradigm. We show that the seller's expected profit can be written as a functional of the observed bid distribution. We propose a semiparametric extremum estimator for estimating consistently the optimal reserve price from observed bids. As an illustration, we consider the Outer Continental Shelf (OCS) wildcat auctions.KEY WORDS: Affiliated private valueOCS wildcat auctionSemiparametric extremum estimator