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Identification and Estimation of a Dynamic Multi-Object Auction Model

Author

Listed:
  • Samuel Altmann

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

Auctions rarely take place in isolation. Often, many heterogeneous lots are auctioned simultaneously, and auctions are repeated as new lots become available. In this paper I develop an empirical model of bidding in repeated rounds of simultaneous first-price auctions. Incorrectly modelling bidders as myopic or as having additive preferences over lots can lead to inaccurate counterfactuals and welfare conclusions. I prove non-parametric identification of primitives in this model, and introduce a computationally feasible procedure to estimate this type of game. I then apply my model to data on Michigan Department of Transportation highway procurement auctions. I investigate the extent of cost-synergies across lots and use counterfactual simulations to compare equilibrium efficiency when contracts are auctioned sequentially rather than simultaneously.

Suggested Citation

  • Samuel Altmann, 2023. "Identification and Estimation of a Dynamic Multi-Object Auction Model," Working Papers hal-04465694, HAL.
    • Handle: RePEc:hal:wpaper:hal-04465694
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