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Auction Modeling

auctionr

A package for R to estimate private-value auction models whileallowing for unobservable auction-specific heterogeneity.

Installation

# Install auctionr from CRANinstall.packages("auctionr")# Or the development version from GitHub:# install.packages("remotes")# library(remotes)install_github("ajmack/auctionr",build_vignettes = T)

Getting started

There are two functions available in the package:

• auction_generate_data() allows the user to generatesample data from the principal model used in the package.

• auction_model() calculates maximum likelihoodestimates of parameters of the principal model for the data provided bythe user.

library(auctionr)set.seed(100)dat<-auction_generate_data(obs =100,mu =10,alpha =2,sigma =0.2,beta =c(-1,1),new_x_mean=c(-1,1),new_x_sd =c(0.5,0.8))res<-auction_model(dat,init_param =c(8,2, .5, .4, .6),num_cores =1,method ="BFGS",control =list(trace=1,parscale =c(1,0.1,0.1,1,1)),std_err =TRUE)

## initial  value 1339.327262 ## iter  10 value 434.301377## iter  20 value 410.711195## final  value 410.710822 ## converged##

res

## ## Estimated parameters (SE):                             ##   mu      11.012673 (1.152635)##   alpha    1.752769 (0.185499)##   sigma    0.204230 (0.035286)##   beta[1] -0.920617 (0.057040)##   beta[2]  1.068096 (0.040026)## ## Maximum log-likelihood = -410.711

For further information

Background and details about the model implemented here are availableinMackay,Alexander. 2020.Contract Duration and the Costs of MarketTransactions..