Asymmetric first-price menu auctions under intricate uncertainty
نویسندگان
چکیده
منابع مشابه
Asymmetric first-price menu auctions under intricate uncertainty
This paper studies asymmetric first-price menu auctions in the procurement environment where the buyer does not commit to a decision rule and asymmetric sellers have interdependent costs and statistically affiliated signals. Sellers compete in bidding a menu of contracts, where a contract specifies a vector of characteristics and a payment required from the buyer for delivering these characteri...
متن کاملAsymmetric first price auctions
We propose a new approach to asymmetric rst price auctions which circumvents having to directly examine bidding strategies. Speci cally, the ratio of bidderspayo¤s is compared to the ratio of the distribution functions that describe beliefs. This comparison allows a number of easy inferences. In the existing theoretical literature, assumptions of rst order stochastic dominance or stronger im...
متن کاملMultiple equilibria in asymmetric first-price auctions
Maskin and Riley (Games Econ Behav 45:395–409, 2003) and Lebrun (Games Econ Behav 55:131–151, 2006) prove that the Bayes–Nash equilibrium of first-price auctions is unique. This uniqueness requires the assumption that a buyer never bids above his value (which amounts to the elimination of weakly dominated strategies). We demonstrate that, in asymmetric first-price auctions (with or without a mi...
متن کاملNumerical simulations of asymmetric first-price auctions
Article history: Received 1 November 2009 Available online 3 March 2011 JEL classification: D44 C63 C72 D82
متن کاملAsymmetric First-Price Auctions - A Perturbation Approach
We use perturbation analysis to obtain explicit approximations of the equilibrium bids in asymmetric first-price auctions with n bidders, in which bidders’ valuations are independently drawn from different distribution functions. Several applications are presented: explicit approximations of the seller’s expected revenue, the maximal bid, the optimal reserve price, inefficiency, and a consequen...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2013
ISSN: 0022-0531
DOI: 10.1016/j.jet.2013.07.014