Budget-constrained sequential auctions with incomplete information
نویسندگان
چکیده
منابع مشابه
Budget-constrained sequential auctions with incomplete information
I study a budget-constrained, private-valuation, sealed-bid sequential auction with two incompletely-informed, risk-neutral bidders in which the valuations and income may be non-monotonic functions of a bidder’s type. Parameters permit the existence of multiple equilibrium symmetric bidding functions that differ in allocation, efficiency and revenue. The sequence of sale affects the competition...
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When multiple items are auctioned sequentially, the ordering of auctions plays an important role in the total revenue collected by the auctioneer. This is true especially with budget constrained bidders and the presence of complementarities among items. It is difficult to develop efficient algorithms for finding an optimal sequence of items. However, when historical data are available, it is po...
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In this paper, we study sequential auctions with two budget constrained bidders and any number of identical items. All prior results on such auctions consider only two items. We construct a canonical outcome of the auction that is the only natural equilibrium and is unique under a refinement of subgame perfect equilibria. We show certain interesting properties of this equilibrium; for instance,...
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ژورنال
عنوان ژورنال: Games and Economic Behavior
سال: 2009
ISSN: 0899-8256
DOI: 10.1016/j.geb.2008.10.001