On the failure of monotonicity in uniform-price auctions
نویسنده
چکیده
Except for well-studied special cases in which bidders have single-unit demand or bidders are risk-neutral with independent private values, equilibria of uniform-price auctions with private values need not possess familiar monotonicity properties. In particular, equilibria in weakly undominated strategies may exist in which some bidders bid strictly less on some units when they have strictly higher values for every unit. © 2007 Elsevier Inc. All rights reserved. JEL classification: D44
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 137 شماره
صفحات -
تاریخ انتشار 2007