Optimal Bids in Multi { Unit
نویسنده
چکیده
The present paper analyzes optimal bidding in discriminatory and competitive multi{unit auctions when bidders have price elastic demand functions. Distinctions are drawn between bidders who are either rms or consumers, and bidders who are either risk neutral or risk averse. Assuming price{ taking bidders who face a given probability distribution of the stop{out price, closed{form solutions of optimal bid functions are derived. In addition, the paper provides some comparative statics of risk. filename: mult-auc.tex 1
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