An Ascending Multi-Item Auction with Financially Constrained Bidders
نویسندگان
چکیده
منابع مشابه
An Ascending Multi-Item Auction with Financially Constrained Bidders
A number of heterogeneous items are to be sold to a group of potential bidders. Every bidder knows his own values over the items and his own budget privately. Due to budget constraint, bidders may not be able to pay up to their values. In such a market, a Walrasian equilibrium typically fails to exist and also the existing auctions usually do not work properly anymore. To deal with such markets...
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An auctioneer wishes to sell several heterogeneous indivisible items to a group of potential bidders. Each bidder has valuations over the items but may face a budget constraint and therefore be unable to pay up to his values. In such markets, a Walrasian equilibrium may fail to exist. We develop a novel dynamic auction and prove that the auction always finds a core allocation. In the auction pr...
متن کاملOn the Failure of the Linkage Principle with Financially Constrained Bidders: An Example∗
The linkage principle may fail when bidders are financially constrained. The intuition is as follows. In the presence of financial constraints, the bidders’ upward response to seller’s good signals is limited by the financial constraints, while their downward response to bad signals is not. An explicit example is provided. ∗We are grateful to George Mailath, Steven Matthews, Steven Morris, Nico...
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We provide an ascending auction that yields an efficient outcome when there are many identical units for sale and bidders have interdependent values and downward-sloping demand. Our ascending auction both extends and generalizes Ausubel’s (2004) and yields the same outcome as Perry and Reny’s (2002) generalization of Vickrey’s (1961) sealed-bid auction. There are two key features of our auction...
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We provide an ascending auction that yields an e¢ cient outcome when there are many identical units for sale and bidders have interdependent values and downward-sloping demand. Our ascending auction both extends and generalizes Ausubels (1997) and yields the same outcome as Perry and Renys (2002) generalization of Vickreys (1961) sealed-bid auction. There are two key features of our auction....
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1096466