Hubbard, Timothy; Kirkegaard, René; Paarsch, Harry - In: Computational Economics 42 (2013) 2, pp. 241-266
In models of first-price auctions, when bidders are ex ante heterogeneous, deriving explicit equilibrium bid functions … research concerning asymmetric auctions has determined some properties these bid functions must satisfy when certain conditions … approximation. We simulate auctions from the approximated solutions and find that, for the examples considered, low …