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  1. Free, publicly-accessible full text available October 1, 2024
  2. Abstract

    Uncertainty aboutex postrealized values is an inherent component in many auction environments. In this article, we develop a structural framework to analyze auction data subject toex postuncertainty as a pure risk. We consider a low‐price sealed‐bid auction model with heterogeneous bidders' preferences andex postuncertainty. The uncertainty can be common to all bidders or idiosyncratic. We derive the model restrictions and study nonparametric and semiparametric identification of the model primitives under exogenous and endogenous participation. We then develop multistep nonparametric and semiparametric estimation procedures in both cases.

     
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