Asymptotic Efficiency for Discriminatory Private Value Auctions
نویسندگان
چکیده
منابع مشابه
Efficiency of Large Private Value Auctions
We consider discriminatory and uniform price auctions for multiple identical units of a good. Players have private values, possibly asymmetrically distributed and for multiple units. Our setting allows for aggregate uncertainty about demand and supply. In this setting, equlibria generally will be inefficient. Despite this, we show that such auctions become arbitrarily close to efficient if they...
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We consider parametric examples of two-bidder private value auctions in which each bidder observes her own private valuation as well as noisy signals about her opponent’s private valuation. In such multidimensional private value auction environments, we show that the revenue equivalence between the first and second price auctions breaks down and there is no definite revenue ranking; while the s...
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Deciding whether bidders at auctions are playing a best response is perhaps one of the most fundamental questions faced by empirical workers employing the structural econometric approach. Investigations of this question depend heavily on whether the true valuations of bidders are observed. We develop an approach to bound best-response violations when bidders’ private values are unobserved in mu...
متن کاملPrivate-Value Auctions, Resale, and Common Value
We establish the bid-equivalence between an independent private-value (IPV) rst-price auction model with resale and a model of rst-price common-value auctions. The common value is de ned by the transaction price when trade takes place. When there is no trade, the common value is de ned through a monotonic extension of the resale price function. We show bid equivalence when (1) there are two b...
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Article history: In private-value ascendin Received 9 August 2007 Received in revised form 14 February 2008 Accepted 21 March 2008 Available online 8 April 2008
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ژورنال
عنوان ژورنال: Review of Economic Studies
سال: 1999
ISSN: 0034-6527,1467-937X
DOI: 10.1111/1467-937x.00096