An elementary proof of the common maximal bid in asymmetric first-price and all-pay auctions
نویسندگان
چکیده
We prove that the maximal bid in asymmetric first-price and all-pay auctions is the same for all bidders. Our proof is elementary, and does not require that bidders are risk neutral, or that the distribution functions of their valuations are independent or smooth. © 2013 Elsevier B.V. All rights reserved.
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تاریخ انتشار 2013