P Bajari… - 2000 - papers.ssrn.com
Abstract: Internet auctions have recently gained widespread popularity and are one of the
most successful forms of electronic commerce. We examine a dataset of eBay coin auctions
to explore features of online bidding and selling behavior. We find that profit margins for ...
P Bajari… - RAND Journal of Economics, 2001 - JSTOR
Inspired by facts from the private-sector construction industry, we develop a model that
explains many stylized facts of procurement contracts. The buyer in our model incurs a cost
of providing a comprehensive design and is faced with a tradeoff between providing ...
P Bajari, CL Benkard… - Econometrica, 2007 - Wiley Online Library
We describe a two-step algorithm for estimating dynamic games under the assumption that
behavior is consistent with Markov perfect equilibrium. In the first step, the policy functions
and the law of motion for the state variables are estimated. In the second step, the ...
P Bajari… - 2003 - nber.org
This paper surveys recent studies of Internet auctions. Four main areas of research are
summarized. First, economists have documented strategic bidding in these markets and
attempted to understand why sniping, or bidding at the last second, occurs. Second, some ...
P Bajari… - 2001 - nber.org
We study the identification and estimation of preferences in hedonic discrete choice models
of demand for differentiated products. In the hedonic discrete choice model, products are
represented as a finite dimensional bundle of characteristics, and consumers maximize ...
P Bajari, R McMillan… - Journal of Law, Economics, …, 2009 - Oxford Univ Press
Abstract Should the buyer of a customized good use competitive bidding or negotiation to
select a contractor? To shed light on this question, we consider several possible
determinants that may influence the choice of auctions versus negotiations. We then ...
P Bajari… - Review of Economics and Statistics, 2003 - MIT Press
We develop an approach to identify and test for bid rigging in procurement auctions. First,
we introduce a general auction model with asymmetric bidders. Second, we study the
problem of identification in our model. We state a set of conditions that are both necessary ...
P Bajari… - Journal of Business and Economic Statistics, 2005 - ASA
We present a three-stage, nonparametric estimation procedure to recover willingness to pay
for housing attributes. In the first stage we estimate a nonparametric hedonic home price
function. In the second stage we recover each consumer's taste parameters for product ...
P Bajari, H Hong… - Econometrica, 2010 - Wiley Online Library
We discuss the identification and estimation of discrete games of complete information.
Following Bresnahan and Reiss (1990, 1991), a discrete game is a generalization of a
standard discrete choice model where utility depends on the actions of other players. ...
P Bajari, S Houghton… - 2006 - nber.org
Procurement contracts are often incomplete because the initial plans and specifications are
changed and refined after the contract is awarded to the lowest bidder. This results in a final
cost to the buyer that differs from the low bid, and may also involve significant adaptation ...
P Bajari… - 2003 - nber.org
Recently, economists have developed methods for structural estimation of auction models.
Many researchers object to these methods because they find the rationality assumptions
used in these models to be implausible. In this paper, we explore whether structural ...
P Bajari, H Hong, J Krainer… - 2006 - nber.org
We propose a method for estimating static games of incomplete information. A static game is
a generalization of a discrete choice model, such as a multinomial logit or probit, which
allows the actions of a group of agents to be interdependent. Unlike most earlier work, the ...
P Bajari - Economic Theory, 2001 - Springer
Summary. Collusion is a serious problem in many procurement auctions. In this research, I
study a model of first price sealed bid procurement auctions with asymmetric bidders. I
demonstrate that the equilibrium to the model is unique and describe three algorithms that ...
P Bajari… - Antitrust LJ, 2002 - HeinOnline
Collusion is an agreement among a group of firms, called a cartel, designed to limit
competition among the participants. If all firms in the cartel follow the agreement, buyers will
face higher prices, giving the cartel members profits above the normal competitive level. ...
P Bajari, CS Chu… - 2008 - nber.org
The turmoil that started with increased defaults in the subprime mortgage market has
generated instability in the financial system around the world. To better understand the root
causes of this financial instability, we quantify the relative importance of various drivers ...
P Bajari, CL Benkard… - Journal of Urban Economics, 2005 - Elsevier
We develop a new approach to measuring changes in consumer welfare due to changes in
the price of owner-occupied housing. In our approach, an agent's welfare adjustment is
defined as the transfer required to keep expected discounted utility constant given a ...
P Bajari… - preprint, Chicago GSB, 2002 - ww.uni-magdeburg.de
Abstract This article surveys empirical findings from recent studies of Internet auctions and
summarizes the economic insights gained from these findings. The main questions
addressed in this article are: What are the rules of the game used in online auctions and ...
P Bajari - University of Minnesota, unpublished Ph. D. …, 1997 - en.scientificcommons.org
P Bajari… - 2006 - nber.org
Recently, empirical industrial organization economists have proposed estimators for
dynamic games of incomplete information. In these models, agents choose from a finite
number actions and maximize expected discounted utility in a Markov perfect equilibrium. ...
P Bajari… - 2009 - nber.org
In public sector procurement, social welfare often depends on the time taken to complete the
contract. A leading example is highway construction, where slow completion times inflict a
negative externality on commuters. Recently, highway departments have introduced ...
P Bajari, H Hong… - 2006 - nber.org
Theoretical models predict asymmetric information in health insurance markets may
generate inefficient outcomes due to adverse selection and moral hazard. However,
previous empirical research has found it difficult to disentangle adverse selection from ...
P Bajari, CL Benkard… - 2001 - gsbapps.stanford.edu
Abstract We derive some theoretical economic properties of standard discrete choice
econometric models that we believe are undesirable if the models are to be used as
structural models of demand. We show that many standard models have the following ...
P Bajari, JT Fox… - Quantitative Marketing and Economics, 2008 - Springer
Abstract The US mobile phone service industry has dramatically consolidated over the last
two decades. One justification for consolidation is that merged firms can provide consumers
with larger coverage areas at lower costs. We estimate the willingness to pay for national ...
P Bajari, H Hong, J Krainer… - Journal of Business and …, 2010 - Taylor & Francis
We study the estimation of static games of incomplete information with multiple equilibria. A
static game is a generalization of a discrete choice model, such as a multinomial logit or
probit, which allows the actions of a group of agents to be interdependent. While the ...
[CITATION] Econometrics of the first price auction with asymmetric bidders
P Bajari - manuscript, Stanford University, 1998
P Bajari, JT Fox… - The American economic review, 2007 - JSTOR
In a discrete choice demand model, consumer i chooses product j out of the set J if ui, j> ui, k
Vk= 1,...., J, k# j. A standard setup has a vector of D characteristics xi, j for product j, and
utility is parametrized as ui, j= x', j3+ Eij, where. 8 is a vector of parameters to estimate that ...
P Bajari… - 2005 - nber.org
FCC spectrum auctions sell licenses to provide mobile phone service in designated
geographic territories. We propose a method to structurally estimate the deterministic
component of bidder valuations and apply it to the 1995–1996 C-block auction. We base ...
P Bajari, J Fox,
SP Ryan - 2009 - nber.org
The random coefficients, multinomial choice logit model has been widely used in empirical
choice analysis for the last 30 years. We are the first to prove that the distribution of random
coefficients in this model is nonparametrically identified. Our approach exploits the ...
CL Benkard… - Journal of Business and Economic Statistics, 2005 - ASA
We show that hedonic price indexes may be biased when not all product characteristics are
observed. We derive two primary sources of bias. The first source is a classical selection
problem that arises due to changes over time in the values of unobserved characteristics. ...
P Bajari - Proceedings of the Business and Economic statistics …, 1998 - econ.umn.edu
Recent empirical and anecdotal evidence suggests that different auction rules generate
important differences in bidding behavior. Milgrom (1996) compares auctions for the sale of
the radio spectrum held in the United States, New Zealand and Australia. The Australian ...
P Bajari… - Ann Arbor, 2005 - nber.org
ABSTRACT We empirically study bidding in the C Block of the US mobile phone spectrum
auctions. Spectrum auctions are conducted using a simultaneous ascending auction design
that allows bidders to assemble packages of licenses with geographic complementarities. ...
P Bajari… - Information Economics and Policy, 2009 - Elsevier
The Federal Communications Commission (FCC) has used auctions to award spectrum
since 1994. During this time period, the FCC has experimented with a variety of auctions
rules including click box bidding and anonymous bidding. These rule changes make the ...
S Tadelis… - Handbook of procurement, 2006 - econ.umn.edu
Abstract Should the buyer of a customized good use competitive bidding or negotiation to
select a contractor? To shed light on this question, we offer a framework that first describes
the buyer's choice of contracts, and then links this choice to the selection of competitive ...
T Erdem, K Srinivasan, W Amaldoss, P Bajari… - Marketing Letters, 2005 - Springer
Abstract We explore issues in theory-driven choice modeling by focusing on partial-
equilibrium models of dynamic structural demand with forward-looking decision-makers, full
equilibrium models that integrate the supply side, integration of bounded rationality in ...
P Bajari… - 2001 - time.dufe.edu.cn
Abstract In this research, we develop an approach to the problem of identification and testing
for bid-rigging in procurement auctions that tightly integrates economic theory and
econometric practice. First, we introduce a general auction model with asymmetric bidders ...
P Bajari,
V Chernozhukov, H Hong… - Manuscript, University …, 2007 - people.virginia.edu
Game theory has had a profound effect on microeconomic theory and theoretical industrial
organization in particular. Also, game theory has had an important impact on economic
policy, especially in antitrust and regulation. It is therefore desirable to have empirical ...
P Bajari… - Unpublished Manuscript. March, 2001 - www-siepr.stanford.edu
Abstract This paper estimates a discrete choice model of housing product demand to study
the causes of black urbanization. Our estimation strategy incorporates that there are
unobserved product attributes which are correlated with observed product attributes. We ...
P Bajari, JT Fox,
SP Ryan - 2009 - nber.org
We propose a simple nonparametric mixtures estimator for recovering the joint distribution of
parameter heterogeneity in economic models, such as the random coefficients logit. The
estimator is based on linear regression subject to linear inequality constraints, and is ...
CL Benkard… - 2003 - nber.org
We show that hedonic price indexes may be biased when not all product characteristics are
observed. We derive two primary sources of bias. The first is a classical selection problem
that arises due to changes over time in the values of unobserved characteristics. The ...
P Bajari… - 1999 - papers.ssrn.com
Abstract: Economists have applied the methodology of information economics and contract
theory (mechanism design) to problems in procurement and regulation. With the standard
adverse selection and moral hazard components, the principal should offer a menu of ...
P Bajari, P Chan, D Krueger… - 2010 - nber.org
Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and
simulate a dynamic structural model of housing demand. Our model generalizes previous
applied econometric work by incorporating realistic features of the housing market ...
[CITATION] Properties of the first price sealed bid auction with asymmetric bidders
P Bajari - Unpublished manuscript, University of Minnesota, 1996
[CITATION] A structural econometric model of the first price sealed bid auction: with applications to procurement of highway improvements
P Bajari - manuscript, University of Minnesota, 1996
P Bajari, P Chan… - 2008 - cemfi.es
Abstract In the US, macroeconomic policy makers are concerned about how consumers will
respond to falling nominal home prices, rising mortgage interest rates and tightening credit
standards. In order to address these questions, we estimate and simulate a dynamic ...
[CITATION] A Structural Econometric Model of the First Price Sealed Bid Auction with Asymmetric Bidders
P Bajari - Harvard University manuscript, 1998
P Bajari,
V Chernozhukov, H Hong… - … manuscript, Dep. Econ …, 2009 - aida.wss.yale.edu
Abstract In this paper, we study the identification and estimation of a dynamic discrete game
allowing for discrete or continuous state variables. We first provide a general nonparametric
identification result under the imposition of an exclusion restrictions on agents payoffs. ...
[CITATION] A Structural Econometric Model of the Sealed Highbid Auction: With Applications to Procurement of Highway Improvements,"
P Bajari - 1996 - working paper, University of …
P Bajari… - 2004 - nber.org
In this paper we develop an empirical model of equity analyst recommendations for firms in
the NASDAQ 100 during 1998-2003. In the model we allow recommendations to depend on
publicly observed information, measures of an analyst's beliefs about a stock's future ...
P Bajari… - Hedonic Methods in Housing Markets, 2008 - Springer
Hedonic regressions are one of the most commonly used techniques in applied
microeconomics for the study differentiated product markets. Hedonic regressions date back
at least 80 years (see Waugh 1928) and have been an active research area for several ...
P Bajari, J Hahn, H Hong… - International Economic …, 2011 - Wiley Online Library
Bajari, P., Hahn, J., Hong, H. and Ridder, G.(2011), A NOTE ON SEMIPARAMETRIC
ESTIMATION OF FINITE MIXTURES OF DISCRETE CHOICE MODELS WITH APPLICATION
TO GAME THEORETIC MODELS. International Economic Review, 52: 807–824. doi: ...
P Bajari, JT Fox, KI Kim… - … manuscript, University of …, 2008 - 128.36.236.74
Abstract We propose an estimator for discrete choice models, such as the logit, with a
nonparametric distribution of random coeffi cients. The estimator is linear regression subject
to linear inequality constraints and is robust, simple to program and quick to compute ...
[CITATION] Sealed-bid auctions with asymmetric bidders: computation, identification and estimation
P Bajari… - 2000 - Stanford University Working Paper
JT Fox… - 2010 - fmwww.bc.edu
Abstract FCC spectrum auctions sell licenses to provide mobile phone service in designated
geographic territories. We propose a method to structurally estimate the deterministic
component of bidder valuations and apply it to the 1995–1996 C block auction. We base ...
P Bajari, J Cooley, C Timmins - 2010 - nber.org
We propose a new strategy for a pervasive problem in the hedonics literature—recovering
hedonic prices in the presence of time-varying correlated unobservables. Our approach
relies on an assumption about homebuyer rationality, under which prior sales prices can ...
P Bajari, H Hong, M Park… - 2011 - nber.org
Regression discontinuity designs (RDDs) are a popular method to estimate treatment
effects. However, RDDs may fail to yield consistent estimates if the forcing variable can be
manipulated by the agent. In this paper, we examine one interesting set of economic ...
[CITATION] Collusion and complementarities in an fcc spectrum auction
P Bajari… - Unpublished. NBER Working Paper, 2005
[CITATION] Winner's Curse, Reserve prices, and Endogenous Entry: Empirical insights from eBay auctions, January 2001
P Bajari… - 2001 - Stanford University working paper
[CITATION] Hedonic Price Indexes with Unobserved Product Characteristics, and Application to Personal Computers
P Bajari… - Journal of Business and Economic Statistics, 2005
[CITATION] pEstimating Dynamic Models of Imperfect Competitionq, forthcoming Econometrica
P Bajari, L Benkard… - 2006
R Abrantes-Metz… - 2009 - papers.ssrn.com
Abstract: A screen is a statistical test designed to detect conspiracies aimed at illegally
manipulating a market. Competition authorities, academics and consultants have designed
a variety screens to detect competition problems, and the use of such screens is ...
[CITATION] Winner's curse, Reserve Prices and
P Bajari… - 2000
[CITATION] Steve Tadelis, 2003, Auctions versus negotiations in procurament: an empirical analysis
PL Bajari… - NBER Working Paper
JT Fox,
SP Ryan, P Bajari - Journal of Econometrics, 2011 - Elsevier
The random coefficients multinomial choice logit model, also known as the mixed logit, has
been widely used in empirical choice analysis for the last thirty years. We prove that the
distribution of random coefficients in the multinomial logit model is nonparametrically ...
[CITATION] Identification and estimation of random utility models
P Bajari, JT Fox, K Kim… - 2007 - April 2007. working paper
[CITATION] forthcoming. Auctions versus negotiations in procurement: an empirical analysis
P Bajari, R McMillan… - Journal of Law, Economics and Organization
[CITATION] A structural model of Internet auctions
P Bajari… - 1999 - Working paper, Graduate School of …
G Lewis… - The Quarterly Journal of Economics, 2011 - qje.oxfordjournals.org
Abstract In public procurement, social welfare often depends on how quickly the good is
delivered. A leading example is highway construction, where slow completion inflicts a
negative externality on commuters. In response, highway departments award some ...
P Bajari… - 2004 - areuea.org
Abstract Urban sprawl has both costs and benefits. One cost of sprawl is that commute times
are increased since homes and places of work are more dispersed. A benefit is that sprawl
allows consumers to purchase larger homes and lots. This paper uses a new data set on ...
[CITATION] Online Auctions: A Review of Empirical Findings
P Bajari… - forthcoming Journal of Economic Literature, 2003
P Bajari… - Working Papers, 2001 - time.dufe.edu.cn
Abstract In this paper, we explore the consequences of using equilibrium models of auctions
in making policy recommendations, such as the design of real world markets, or as a basis
for structural estimation when bidders make small errors in optimization. We consider two ...
[CITATION] nAuctions versus Negotiations in Procurement: An Empirical Analysis, oJournal of Law
P Bajari, R McMillan… - Economics and Organization, forth $ coming, 2008
[CITATION] Procurement contracts: fixed price vs
P Bajari… - 2001 - … Paper (Version vom 15.03. 1999), zT …
[CITATION] il Kim, Kyoo, and Stephen P. Ryan (2010), A Simple Nonparametric Estimator for the Distribution of Random Coefficients
PL Bajari… - mimeo
[CITATION] il Kim, Kyoo, and Stephen P. Ryan (2009), The Random Coefficients Logit Model Is Identified
PL Bajari… - mimeo
[CITATION] First price auctions with asymmetric bidders: computation, identification and estimation
P Bajari - Unpublished Working Paper, Stanford Universtiy, 1999
P Bajari, J Fox, K Kim… - 2007 - economics.rutgers.edu
Abstract In this paper, we propose a method for estimating a mixed logit model where the
distribution of random coeffi cients is nonparametric. The method is based on linear
regression and is extremely simple to compute compared to alternative methods. We ...
P Bajari, NH Hong… - 2005 - 128.151.238.65
Abstract The last decade has been characterized by unprecedented inflation in health care
expenditures. One commonly suggested source for this inflation is the distortion in the health
insurance market due to asymmetric information about the latent health status of ...
[CITATION] Forthcoming.“Estimating Dynamic Models of Imperfect Competition.”
P Bajari, CL Benkard… - Econometrica
P Bajari - Working Papers, 1999 - time.dufe.edu.cn
Abstract Economists are generally suspicous of equilibria that are not robust to small
perturbations since agents in real world problems may not be able to perfectly optimize. This
research studies two forms of perturbations in a benchmark auction model where firms ...
[CITATION] nAre Structural Estimates of Auction Models Reasonable
P Bajari… - Evidence from Experimental Data, oJournal of Political …, 2005
G Lewis… - 2011 - nber.org
Procurement projects often encounter unanticipated problems. Deadlines and penalties are
one important instrument used to incentivize contractors to adapt their plans. We develop a
theory of highway procurement in which contractors must modify their construction rate ...
[CITATION] The first price sealed bid auction with asymmetric bidders: Theory with applications, doctorial dissertation
P Bajari - Department of Economics, University of Minnesota, 1997
[CITATION] A Discrete Choice Model of Housing Demand
P Bajari… - 2000 - mimeo
[CITATION] Sealed-Bid Auctions with Asymmetric Bidders: Theory and Computation
P Bajari - 1999 - Stanford University manuscript
[CITATION] oAuctions versus Nego% tiations in Procurement: An Empirical Analysis, pMimeo
P Bajari, R McMillan… - 2004 - Stanford University
M Kahn… - 2001 - papers.ssrn.com
Abstract: This paper estimates a discrete choice model of housing product demand to study
the causes of black urbanization. Our estimation strategy incorporates that there are
unobserved attributes which are correlated with observed product attributes. We bound ...
[CITATION] Should Governments Auc% tion Nationwide Spectrum Licenses
P Bajari… - Estimating Bidder Valuations. Chicago, 2005
Abstract In this paper, we study the identification and estimation of a dynamic discrete game
allowing for discrete or continuous state variables. We first provide a general nonparametric
identification result under the imposition of an exclusion restrictions on agents payoffs. ...
[CITATION] Why Does Racial Segregation Persist?: A Case Study of Philadelphia
P Bajari… - 2000
JT Fox,
SP Ryan, P Bajari - Quantitative Economics, 2011 - Wiley Online Library
We propose a simple mixtures estimator for recovering the joint distribution of parameter
heterogeneity in economic models, such as the random coefficients logit. The estimator is
based on linear regression subject to linear inequality constraints, and is robust, easy to ...
[CITATION] Winner's Curse, Reserve Prices and Endogenous Entry: Empirical Insights From eBay Auction (2000)
P Bajari… - Stanford University Working Paper
[CITATION] VEstimating Dynamic Models of Imperfect Competition, V Econometrica
P Bajari, CL Benkard… - 2005 - Vol
I Sher, JT Fox… - 2011 - nber.org
We study a variant of a random utility model that takes a probability distribution over
preference relations as its primitive. We do not model products using a space of observed
characteristics. The distribution of preferences is only partially identified using cross- ...
P Bajari, JT Fox, K il Kim… - 2009 - uchicago.edu
Abstract We propose a simple nonparametric mixtures estimator for recovering the joint
distribution of parameter heterogeneity in economic models, such as the random coefficients
logit. The estimator is based on linear regression subject to linear inequality constraints, ...
[CITATION] Competitive Versus Collusive Bidding: Identification and Testing
P Bajari… - 2000 - Working Paper, Stanford University
RM Abrantes-Metz, P Bajari… - Ann Arbor, 2010 - papers.ssrn.com
Abstract: One of the prime issues in the antitrust and competition law1 compliance field is
how to deal with the risk of collusive or cartel behavior which involves willful violations of the
law. In the past much of antitrust compliance work has focused on training, perhaps ...
P Bajari, H Hong… - Econometric Society World …, 2010 - aida.econ.yale.edu
Abstract We survey an emerging literature on the econometric analysis of static and dynamic
models of strategic interactions. Econometric methods of identification and estimation allow
researcher to make use of observed data on individual choice behavior and on the ...
P Bajari, J Hahn, H Hong… - International Economic …, 2008 - dornsife.usc.edu
Recently, there has been considerable interest in the econometric analysis of static, discrete
games. In this literature, a game is a generalization of a standard discrete choice model,
such as a binary logit or probit. As in a discrete choice model, an agent's payoffs are a ...
P Bajari… - Econometric Reviews, 2012 - Taylor & Francis
Microeconometrics: Methods and Applications (MMA for short) by A. Colin Cameron and
Pravin K. Trivedi is an in-depth, textbook-style treatment of techniques that are commonly
used in applied microeconomics. The companion text Microeconometrics Using Stata ( ...
P Bajari, V Chernozhukov, H Hong… - isites.harvard.edu
Abstract In this paper, we study the identification and estimation of a dynamic discrete game
allowing for discrete or continuous state variables. We first provide a general nonparametric
identification result under the imposition of an exclusion restrictions on agents payoffs. ...
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