A Structural Empirical Analysis of Dutch gush vendues Gerard J. van den Berg Bas van der Klaauw †January 27, 2008 ? Abstract This written material provides a structural empirical analysis of Dutch auctions of ho delectationplants at the ?ower auction in Aalsmeer, the Netherlands. The data set is unique for Dutch auctions in the sense that it includes observations of all losing bids in an interval attached to the winning bid. The size of this interval is determined by the invigorate of reaction of the auction participants. The data on losing bids are shown to be informative on the structural model determinants. The models are estimated use the Gibbs sampler with data augmentation. We take account of data limitations concerning the chassis of bidders. The estimation results are used to investigate whether actual nourish prices are optimal, and to determine the e?ects of reserve price changes. VU University Amsterdam, IFAU-Uppsala, IFS London, IZA, and CEPR. VU Un iversity Amsterdam, Tinbergen set out and CEPR. Address: Department of Economics, Free University Amsterdam, De Boelelaan 1105, NL1081 HV Amsterdam, The Netherlands. †? Keywords: ?rst-price auction, private value, speed of reaction, retrieve losing bids, data augmentation, Gibbs sampling, Markov Chain Monte Carlo, reserve price.
We are pleasant to the Aalsmeer Flower Auction, and to Dirk Hogervorst, Chiel Post, Erik van t Boveneind and Andr´ van Kruijssen in particular, for likable providing the data e and for useful discussions. Also thanks to Patrick Bajari, Douwe-Frits Broens, Jean-Pierre Florens, plagu e Paarsch, Isabelle Perrigne, Martin Pesendo! rfer, Samita Sareen, Jos Stins, Eric van Damme, and participants in a conference at Yale University and in seminars at LSE and the University of Toulouse, for useful comments and suggestions. 1 Introduction The Aalsmeer Flower Auction (AFA) is the largest ?ower auction and the largest moneymaking(prenominal) edi?ce in the world (Guinness World Records, 2001). The...If you extremity to hail a full essay, order it on our website:
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