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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
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
In first-price auctions with interdependent bidder values, the distributions of private signals and values cannot be … counterfactual first-price and second-price auctions with binding reserve prices. These robust bounds are identified from … distributions of equilibrium bids in first-price auctions under minimal restrictions where I allow for affiliated signals and both …
Persistent link: https://www.econbiz.de/10005102122
We establish conditions under which an English auction for an indivisible risky asset has an efficient ex post equilibrium when the bidders are heterogeneous in both their exposures to, and their attitudes toward, the ensuing risk the asset will generate for the winning bidder. Each bidder's...
Persistent link: https://www.econbiz.de/10011199195