Nonparametric estimation of asymmetric first price auctions: A simplified approach [An article from: Economics Letters]

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Description:
We present an approach to nonparametric estimation of pseudo-values in asymmetric affiliated private values (APV) models for first price auctions that eliminates the 'curse of dimensionality.' We show that pseudo-values can be estimated by using two-dimensional functions of bids for APV models regardless of the form of asymmetry.