Competition in a Dynamic Auction Market: Identification, Structural Estimation, and Market Efficiency
研究动态拍卖市场中竞拍者数量不可观测时的竞争，提出识别和估计方法，并用60GB苹果iPod视频的在线拍卖数据评估市场效率。
The model incorporates an infinite series of auctions for identical items (or close substitutes) ordered over time and bidders with unit demand. The participants of each auction are drawn from a dynamic pool, with losing bidders remaining in the pool of potential bidders. The number of bidders in each auction is unobservable. Risk‐neutral, forward‐looking bidders submit bids below valuation. A novel identification and estimation strategy is used to estimate the valuation distribution from an order statistic of the bids. The model is used to evaluate the efficiency of online auctions for a 60GB Apple iPod Video, compared to a perfect‐competition benchmark.