How to Set Minimum Acceptable Bids, with an Application to Real Estate Auctions
研究在关联信号、共同价值成分和内生进入的一般拍卖模型中，计算均衡出价策略和结果，推导最优保留价的下界，并利用房地产拍卖数据演示如何计算该下界。
In a general auction model with affiliated signals, common components to valuations and endogenous entry, we compute the equilibrium bidding strategies and outcomes, and derive a lower bound on the optimal reserve price. This lower bound can be computed using data on past auctions combined with information about the subsequent sales prices of unsold goods. We illustrate how to compute the lower bound using data from real estate auctions.