Efficient collusion in optimal auctions
نویسندگان
چکیده
منابع مشابه
Efficient collusion in optimal auctions
We study collusion in an IPV auction with binary type spaces. Collusion is organized by a third-party that can manipulate participation decisions. We characterize the optimal response of the seller to different threats of collusion among the bidders. We show that, contrary to the prevailing view that asymmetric information imposes transaction costs in side-contracting, collusion in the optimal ...
متن کاملOptimal collusion-proof auctions
We study an optimal collusion-proof auction in an environment where subsets of bidders may collude not just on their bids but also on their participation. Despite their ability to collude on participation, informational asymmetry facing the potential colluders can be exploited significantly to weaken their collusive power. The second-best auction — i.e., the optimal auction in a collusion-free ...
متن کاملEfficient collusion in repeated auctions with communication
This paper studies collusion in repeated auctions when bidders communicate prior to each stage auction. The paper presents a folk theorem for independent and correlated private signals and general interdependent values. Specifically, it identifies conditions under which an equilibrium collusion scheme is fully efficient in the sense that the bidders’ payoff is close to what they get when the ob...
متن کاملModeling Tacit Collusion in Auctions
We study tacit collusion in repeated auctions in which bidders can only observe past winners and not their bids. We adopt a stringent interpretation of tacit collusion as collusion without communication about strategies that we model as a symmetry restriction on repeated game strategies: Strategies cannot discriminate among initially nameless bidders until they have become named through winning...
متن کاملTacit collusion in repeated auctions
This paper considers the question of tacit collusion in repeated auctions with independent private values and with limited public monitoring. McAfee and McMillan show that the extent of collusion is tied to availability of transfers. Monetary transfers allow cartels to extract full surplus. A folk theorem proved by Fudenberg at al. shows that transfers of future payoffs are almost as good if pl...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2007
ISSN: 0022-0531
DOI: 10.1016/j.jet.2006.08.003