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Nonparametric Estimation of Court Auction in South Korea : 한국 법원 경매에서의 비모수적 추정
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- Authors
- Advisor
- 최승주
- Major
- 사회과학대학 경제학부
- Issue Date
- 2017-08
- Publisher
- 서울대학교 대학원
- Keywords
- court auction ; repeated auction ; reservation price ; first-price auction ; nonparametric estimation
- Description
- 학위논문 (석사)-- 서울대학교 대학원 사회과학대학 경제학부, 2017. 8. 최승주.
- Abstract
- South Korean court auction has a distinctive feature which separates it from other court auctions. The court repeatedly auctions a property with a lower reservation price if it fails to sell. According to the conventional auction theory, the role of reservation price is to encourage competition while risking the possibility of miscarriage. From this perspective, the same property being repeatedly auctioned with lower reservation price might not stimulate competition as reservation price is supposed to do. Thus, it is important to assess if this failed commitment actually undermines the court's revenue from auction and consequently prevents from reimbursing creditors fully enough. In this regard, this paper tries to nonparametrically estimate bidders' value from South Korean court auction results.
- Language
- English
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