Abstract
SYNOPTIC ABSTRACTWithin both the common- and private-value paradigms, statistical inferences for the expected winning bids are considered. Under the common-value setting, Weibull and normal distributions are considered for modeling the cost estimates whereas Weibull, Pareto, and exponential distributions are considered under the private-value setting. Using the recently introduced Generalized Variable Method (GVM), we propose generalized tests and generalized confidence intervals for the expected winning bids for risk-neutral sealed-bid auctions with common- and private-value bidders under various bidders’ cost-estimate distributions. A simulation study is described to illustrate the proposed procedures.
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