Cross-owned firms competing in auctions
نویسنده
چکیده
The paper studies the e¤ect of ownership links among bidders in auctions. Firstly, it is shown that in ...rst-price, in second-price, and in all-pay auctions, ownership links damage both the seller and society; the bidders too may be impaired by the seller’s strategic reaction. Secondly, the optimal selling procedure is characterized: in sharp contrast with standard auctions, both the seller and society gain from ownership links. In the last part of the paper the analysis is extended to the case of strategic entry. Running Title: Cross-Owned Firms Competing in Auctions.
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عنوان ژورنال:
- Games and Economic Behavior
دوره 51 شماره
صفحات -
تاریخ انتشار 2005