منابع مشابه
Auctions with entry and resale
We study how resale affects auctions with costly entry in a model where bidders possess twodimensional private information signals: entry costs and valuations. We establish the existence of symmetric entry equilibrium and identify sufficient conditions under which the equilibrium is unique. Our analysis suggests that the opportunity of resale affects both entry and bidding, and, in particular, ...
متن کاملAuctions with synergy and resale
We study a sequential auction of two objects with two bidders, where the winner of the package obtains a synergy from the second object. If reselling after the two auctions occurs, it proceeds as either monopoly or monopsony take-it-or-leave-it offer. We find that a post-auction resale has a significant impact on bidding strategies in the auctions: Under the monopoly offer, there does not exist...
متن کاملAsymmetric Auctions with Resale
In a first-price auction, asymmetries among bidders typically result in inefficient allocations— that is, the winner of the auction may not be the person who values the object the most. This inefficiency creates a motive for post-auction resale, and when bidders take resale possibilities into account, their bidding behavior is affected as well. Standard models of such auctions, by and large, im...
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...
متن کاملAuctions with private uncertainty and resale opportunities
This paper studies auctions held before bidders are sure of the values they place on the object for sale, leaving potential gains to subsequent resale trade. While important insights from models of auctions without resale carry over, equilibrium bidding can be fundamentally altered by the endogeneity of valuations and the informational linkages between primary and secondary markets. As a result...
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ژورنال
عنوان ژورنال: International Journal of Industrial Organization
سال: 2009
ISSN: 0167-7187
DOI: 10.1016/j.ijindorg.2009.02.009