Mechanism Choice and Strategic Bidding in Divisible Good Auctions : An Empirical Analysis of the Turkish Treasury Auction Market

@inproceedings{Hortasu2002MechanismCA,
  title={Mechanism Choice and Strategic Bidding in Divisible Good Auctions : An Empirical Analysis of the Turkish Treasury Auction Market},
  author={Ali Hortaçsu and David McAdams},
  year={2002}
}
We propose an estimation method to bound bidders’ marginal valuations in discriminatory auctions using individual bid-level data, and apply the method to data from the Turkish Treasury auction market. Using estimated bounds on marginal values, we compute an upper bound on the inefficiency of realized allocations as well as bounds on how much additional revenue could have been realized in a counterfactual uniform price or Vickrey auction. We conclude that switching from a discriminatory auction… CONTINUE READING
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