BOUNDING BEST-RESPONSE VIOLATIONS IN DISCRIMINATORY AUCTIONS WITH PRIVATE VALUES ⁄
Bibliographic record
Abstract
Deciding whether bidders at auctions are playing a best response is perhaps one of the most fundamental questions faced by empirical workers employing the structural econometric approach. Investigations of this question depend heavily on whether the true valuations of bidders are observed. We develop an approach to bound best-response violations when bidders’ private values are unobserved in multi-unit discriminatory auctions under the assumption of non-increasing marginal valuations. We also derive a bound on the expected proflts lost when a best response is not adopted. Subsequently, we implement our framework using data from auctions of Receiver General term deposits conducted by the central bank in Canada, flnding that best-response violations are frequent. For most bidders, however, the median lower bound on the economic distance between the estimated best-response and the bid data is small.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.094 | 0.446 |
| Meta-epidemiology (narrow) | 0.001 | 0.002 |
| Meta-epidemiology (broad) | 0.003 | 0.002 |
| Bibliometrics | 0.002 | 0.003 |
| Science and technology studies | 0.002 | 0.006 |
| Scholarly communication | 0.008 | 0.009 |
| Open science | 0.004 | 0.006 |
| Research integrity | 0.004 | 0.008 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".