We consider testing for risk aversion in first-price sealed-bid auctions with symmetric bidders and independent private values. We impose several restrictions on the parameter space, which are all implied by Guerre et al. (2009)’s exclusion restriction, and we articulate what restrictions are needed for our test to control the limiting size and to be pointwise consistent. Critical values can be obtained from the standard normal distribution. We also analyze local-power properties and show that our test detects local alternative at the parametric rate.

中文翻译：

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首价密封拍卖中的风险规避测试

我们考虑在具有对称投标人和独立私人价值的第一价格密封投标拍卖中测试风险规避。我们对参数空间施加了一些限制，这些限制都由 Guerre 等人暗示。(2009) 的排除限制，我们阐明了我们的测试需要哪些限制来控制限制大小并保持逐点一致。临界值可以从标准正态分布中获得。我们还分析了局部功率特性，并表明我们的测试以参数速率检测局部替代。