Kaplan, Todd R; Zamir, Shmuel - Volkswirtschaftliche Fakultät, … - 2011
Maskin and Riley (2003) and Lebrun (2006) prove that the Bayes-Nash equilibrium of �rst-price auctions is unique. This uniqueness requires the assumption that a buyer never bids above his value. We demonstrate that, in asymmetric �rst-price auctions (with or without a minimum bid), the...