Aalsmeer

A Structural Empirical Analysis of Dutch vertex auction offs Gerard J. van den Berg Bas van der Klaauw † January 27, 2008 ? Abstract This penning provides a structural empirical analysis of Dutch auctions of ho aimplants at the ?ower auction in Aalsmeer, the Netherlands. The data set is unique for Dutch auctions in the sense that it includes observations of all losing bids in an interval contiguous to the winning bid. The size of this interval is determined by the stimulate of reaction of the auction participants. The data on losing bids are shown to be informative on the structural model determinants. The models are estimated use the Gibbs sampler with data augmentation. We take account of data limitations concerning the pattern of bidders. The estimation results are used to investigate whether actual patronise prices are optimal, and to determine the e?ects of reserve price changes. VU University Amsterdam, IFAU-Uppsala, IFS London, IZA, and CEPR. VU Universi ty Amsterdam, Tinbergen mother and CEPR. Address: Department of Economics, Free University Amsterdam, De Boelelaan 1105, NL1081 HV Amsterdam, The Netherlands. † ? Keywords: ?rst-price auction, private value, speed of reaction, bump losing bids, data augmentation, Gibbs sampling, Markov Chain Monte Carlo, reserve price. We are accept to the Aalsmeer Flower Auction, and to Dirk Hogervorst, Chiel Post, Erik van t Boveneind and Andr´ van Kruijssen in particular, for kindly providing the data e and for useful discussions. Also thanks to Patrick Bajari, Douwe-Frits Broens, Jean-Pierre Florens, blight Paarsch, Isabelle Perrigne, Martin Pesendorfer, Samita Sareen, Jos Stins, Eric van Damme, and participants in a conference at Yale University and in seminars at LSE and the University of Toulouse, for useful comments and suggestions. 1 Introduction The Aalsmeer Flower Auction (AFA) is the largest ?ower auction and the largest moneymaking(prenominal) edi?ce in the world (Guinness World Records, 2001). The..! .If you pauperization to hail a full essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay