Substitute goods, auctions, and equilibrium
نویسندگان
چکیده
منابع مشابه
Substitute goods, auctions, and equilibrium
This paper identifies two notions of substitutes for auction and equilibrium analysis. Weak substitutes, which is the usual price-theory notion, guarantees monotonicity of tâtonnement processes and convergence of clock auctions to a pseudoequilibrium, but only strong substitutes, which treats each unit traded as a distinct good with its own price, guarantees that every pseudo-equilibrium is a W...
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In a companion paper, we showed that weak and strong notions of substitutes in economies with discrete goods have different implications for auction theory and equilibrium theory. In contrast, for the divisible goods case with concave valuations, natural extensions of these concepts coincide. Concave substitute valuations are characterized by submodularity of the dual profit function over nonli...
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This paper studies an environment of simultaneous, separate, first-price auctions for complementary goods. Agents observe private values of each good before making bids, and the complementarity between goods is explicitly incorporated in their utility. For simplicity, a model is presented with two first-price auctions and two bidders. We show that a monotone pure-strategy Bayesian Nash Equilibr...
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The emergence of the Internet brings a large change in the economic trend; one such change is the negligible cost of duplicating digital goods. An auction is one of the dynamic selling mechanisms that yields a good result dealing with the case when the consumer utility values are dramatically vary such that it is infeasible to do the market research to determine the best fixed price. In such sc...
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We consider two mechanisms to procure differentiated goods: a request for quote and an English auction with bidding credits. In the request for quote, each seller submits a price and the inherent quality of his good. Then the buyer selects the seller who offers the greatest difference in quality and price. In the English auction with bidding credits, the buyer assigns a bidding credit to each s...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2009
ISSN: 0022-0531
DOI: 10.1016/j.jet.2008.05.002