Optimal auction with a general distribution: virtual valuation without densities

We characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalized virtual valuation. To show the wider applicability of this concept we present two examples showing how to extend the classical models of Mussa and Rosen and Baron and Myerson for arbitrary distributions.

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Year of publication:	2008-11-25
Authors:	Svaiter, Benar Fux ; Monteiro, Paulo Klinger
Institutions:	FGV/EPGE Escola Brasileira de Economia e Finanças, Fundação Getulio Vargas (FGV)

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Extent:	application/pdf
Series:	Economics Working Papers (Ensaios Economicos da EPGE). - ISSN 0104-8910.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 681
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005009265