Laffont, J.-J.; Loisel, P.; Robert, J. - Groupe de Recherche en Économie Mathématique et … - 1998
A theoretical model of sequential first-price auctions where bidders are risk-averse and values are affiliated is … the symmetric equilibrium of a sequence of k first-price auctions are obtained. The model is able to generate complex … intra-day dynamics, in particular inverse U-shape series of winning bids that we have in our data set of eggplants auctions. …