A Multinomial Logit Framework to Estimate Bid Shading in Procurement Auctions: Application to Cattle Sales in the Texas Panhandle
A Multinomial Logit Framework to Estimate Bid Shading in Procurement Auctions: Application to Cattle Sales in the Texas Panhandle
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用于估计采购拍卖中的投标遮蔽的多项 Logit 框架：在德克萨斯州狭长地带牛销售中的应用
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
R. Sexton
中科院分区：
文献类型：
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作者：
J. Crespi;R. Sexton
我们开发了一种基于多项式概率模型的实证方法，以估计在得克萨斯州狭长地带的牛采购的出价阴影的大小。这种方法在数据能够很好地估计投标人获胜概率的情况下运作良好，但这种方法不依赖于遵循任何特定结构框架的投标过程或控制组的存在。估计价格从竞争水平的降价幅度在5-10%之间，略高于以前在美国进行的牛采购研究中对寡头垄断降价的估计。
We develop an empirical methodology based upon multinomial probability models to estimate the magnitude of bid shading in cattle procurement in the Texas Panhandle region. The methodology works well in settings where data allow a good estimation of a bidder’s probability of winning, but the approach does not rely upon the bidding process following any particular structural framework or on the existence of a control group. Estimated markdowns of price from the competitive level are in the range of 5–10% and are somewhat larger than estimates of oligopsony markdowns from previous studies of cattle procurement in the U.S.