k-Price Auctions

In this paper we analyze the equilibria structure of k-price auctions, k G 3, under the independent-private-value assumption. We discuss agents with an arbitrary attitude toward risk. That is, agents may be risk averse or risk seeking, or they may have an alternating attitude toward risk. We provide a characterization of a continuous symmetric equilibrium, prove that there exists at most one such equilibrium, and show that every such equilibrium is differentiable and increasing. We also show some additional general properties of the equilibrium strategies in these auctions. Journal of Economic Literature Classification Numbers: C72, C73, D83. Q 2000 Academic Press