Dynamic Decision Making in Sequential Business-to-Business Auctions: A Structural Econometric Approach
构建了一个动态结构模型，分析多单位序贯企业拍卖中竞标者的行为，利用全球最大花卉批发市场的荷兰拍卖数据估计参数，并通过反事实分析评估不同拍卖设计的绩效，提出优化框架以平衡收益与效率。
We develop a dynamic structural model of competitive bidding in multiunit sequential business-to-business auctions. Our model accounts for two notable characteristics of these auctions: (i) bidders have multiple purchase opportunities for the same product, and (ii) winning bidders in each round can acquire multiple units of the same product. We apply the model to bidding data from the world’s largest flower wholesale market at which trades are facilitated through fast-paced, sequential, Dutch auctions. Using a two-step estimation approach, we are able to recover the structural parameters effectively and efficiently. We then conduct policy counterfactuals to evaluate the performance of alternative design choices. The results suggest that the current auction practice still has ample room for improvement. In light of this, we propose an optimization framework that can facilitate auctioneers’ decisions in making the trade-off between revenue maximization and operational efficiency. This paper was accepted by Lorin Hitt, information systems.