On the asymptotic distribution of the transaction price in a clock model of a multi‐unit, oral, ascending‐price auction within the common‐value paradigm
研究了共同价值多单位口头升价拍卖中，当投标者和单位数量以特定方式增大时，交易价格收敛于真实价值且渐近服从正态分布，并用深圳出租车牌照拍卖数据验证。
Using a clock model of a multi‐unit, oral, ascending‐price auction, within the common‐value paradigm, we analyze the behavior of the transaction price as the numbers of bidders and units gets large in a particular way. We find that even though the transaction price is determined by a fraction of losing drop‐out bids, that price converges in probability to the true, but ex ante unknown, value. Subsequently, we demonstrate that the asymptotic distribution of the transaction price is Gaussian. Finally, we apply our methods to data from an auction of taxi license plates held in Shenzhen, China.