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- Title
Testing Informational Assumptions in Common Value Bidding Models.
- Authors
Hoffman, Elizabeth; Marsden, James R.
- Abstract
This paper provides an example of a means of linking mathematical theory, laboratory experiments and standard empirical work. Theory, by necessity, abstracts from the naturally-occurring world and experiments designed to test theory must incorporate the same abstractions. On the other hand, empirical tests are generally performed on naturally-occurring data, which may not reflect those same abstractions. Given this possible divergence, naturally-occurring data should be tested for consistency with theoretical assumptions, whenever possible. On the basis of standard symmetric bidding theory, this paper reports on a preliminary version of such a test for off-shore oil bidding data.
- Subjects
MATHEMATICAL statistics; LETTING of contracts
- Publication
Scandinavian Journal of Economics, 1986, Vol 88, Issue 4, p627
- ISSN
0347-0520
- Publication type
Article
- DOI
10.2307/3440434