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Strategic Supply Function Competition with Private Information

Vives, Xavier - CESifo - 2009

A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function equilibrium is characterized; the equilibrium is privately...

Persistent link: https://www.econbiz.de/10008534061

Strategic Supply Function Competition with Private Information

Vives, Xavier - CESifo - 2008

A Bayesian supply function equilibrium is characterized in a market where firms have private information about their uncertain costs. It is found that with supply function competition, and in contrast to Bayesian Cournot competition, competitiveness is affected by the parameters of the...

Persistent link: https://www.econbiz.de/10005094231

Inference of Bidders’ Risk Attitudes in Ascending Auctions with Endogenous Entry, Second Version

Fang, Hanming; Tang, Xun - Department of Economics, University of Pennsylvania - 2011

auctions, auction theory predicts bid distributions in Bayesian Nash equilibrium does not convey any information about bidders … risk averse. We show bidders' expected profits from entry into auctions is nonparametrically recoverable, if a researcher …

Persistent link: https://www.econbiz.de/10010543520

Inference of Bidders’ Risk Attitudes in Ascending Auctions with Endogenous Entry

Fang, Hanming; Tang, Xun - Department of Economics, University of Pennsylvania - 2013

Bidders’ risk attitudes have key implications for choices of revenue-maximizing auction formats. In ascending auctions … transaction prices and participation decisions in ascending auctions with entry costs. Nonparametric tests are proposed for two … of risk attitudes in a more general model of ascending auctions with selective entry, where bidders receive entry …

Persistent link: https://www.econbiz.de/10010699855