Showing 1 - 10 of 36
Persistent link: https://www.econbiz.de/10005482031
We consider discontinuous games with incomplete information. Auctions are a leading example. With standard tie breaking rules (or more generally, sharing rules), these games may not have equilibria. We consider sharing rules that depend on the private information of players. We show that there...
Persistent link: https://www.econbiz.de/10005482062
We analyze bidding behavior in large discriminatory price auctions where the number of objects is a non-trivial proportion of the number of bidders. Bidders observe private signals that are affiliated with the common value. We show that the average price in the auction is biased downward from...
Persistent link: https://www.econbiz.de/10005482102
Persistent link: https://www.econbiz.de/10005482126
A simple example shows that equilibria can fail to exist in second price (Vickrey) and English auctions when there are both common and private components to bidders' valuations and private information is held on both dimensions. The example shows that equilibrium only exists in the extremes of...
Persistent link: https://www.econbiz.de/10005482209
Persistent link: https://www.econbiz.de/10005482213
We show existence of equilibria in istributional strategies for a wide class of private value auctions, including the first general existence result for double auctions. The set of quilibria is invariant to the tie-breaking rule. The model incorporates multiple unit demands, all standard pricing...
Persistent link: https://www.econbiz.de/10005482216
We examine a legislative voting game where decisions are being made over both ideological and distributive dimensions, and legislators' preferences are separable over the two dimensions. In equilibrium legislators prefer to make proposals for the two dimensions together, rather than offering...
Persistent link: https://www.econbiz.de/10005487398
We build a model where an individual sees higher returns to investments in human capital when their neighbors in a social network have higher levels of human capital. We show that the correlation of human capital across generations of a given family is directly related to the sensitivity of...
Persistent link: https://www.econbiz.de/10005654529
We examine Nash implementation when individuals cannot be forced to accept the outcome of a mechanism. Two approaches are studied. The first approach is static where a state-contingent participation constraint de nes an implicit mapping from rejected outcomes into outcomes that are individually...
Persistent link: https://www.econbiz.de/10005654550