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Affiliation and dependence in economic models
Castro, Luciano I. de - 2009
Affiliation has been a prominent assumption in the study of economic models with statistical dependence. Despite its large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of. This paper shows that affiliation is a restrictive...
Persistent link: https://www.econbiz.de/10003886170
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Affiliation, equilibrium existence and revenue ranking of auctions
Castro, Luciano I. de - 2010
Affiliation has been a prominent assumption in the study of economic models with statistical dependence. Despite its large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of. This paper shows that affiliation is a restrictive...
Persistent link: https://www.econbiz.de/10009237134
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Price Instability in Multi-Unit Auctions
Anderson, Edward J. - 2015
We consider a procurement auction, where each supplier has private costs and submits a stepped supply function. We solve for a Bayesian Nash equilibrium and show that the equilibrium has a price instability in the sense that a minor change in a supplier's cost sometimes result in a major change...
Persistent link: https://www.econbiz.de/10013011028
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Price Instability in Multi-Unit Auctions
Anderson, Edward J. - 2016
We consider a procurement auction, where each supplier has private costs and submits a stepped supply function. We solve for a Bayesian Nash equilibrium and show that the equilibrium has a price instability in the sense that a minor change in a suppliers cost sometimes result in a major change...
Persistent link: https://www.econbiz.de/10012996148
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Application of the Auction Principles in Oligopolistic Models
Konnov, Igor - 2015
We consider a general auction model with infinitely divisible commodity and price functions and give a new existence result in the case of the unbounded feasible set. We show that equilibrium states in the Cournot oligopoly can be attained via this auction mechanism. This property holds also...
Persistent link: https://www.econbiz.de/10013030994
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Bidding behavior in a symmetric Chinese auction
Benegas, Mauricio - In: Economia : revista da ANPEC 16 (2015) 1, pp. 93-110
This paper purposes a symmetric all-pay auction where the bidders compete neither for an object nor the object itself but for a lottery on receive. That lottery is determined endogenously through the bids. This auction is known as chance auction or more popularly as Chinese auction. The model...
Persistent link: https://www.econbiz.de/10011865416
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Equilibrium and efficiency in the tug-of-war
Konrad, Kai A.; Kovenock, Daniel J. - 2006
We characterize the unique Markov perfect equilibrium of a tug-of-war without exogenous noise, in which players have the opportunity to engage in a sequence of battles in an attempt to win the war. Each battle is an all-pay auction in which the player expending the greater resources wins. In...
Persistent link: https://www.econbiz.de/10010365876
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Revenue maximizing head starts in contests
Franke, Jörg; Leininger, Wolfgang; Wasser, Cédric - 2014
We characterize revenue maximizing head starts for all-pay auctions and lottery contests with many heterogeneous … players. We show that under optimal head starts all-pay auctions revenue-dominate lottery contests for any degree of …-pay auctions, they are less effective than multiplicative biases in lottery contests. …
Persistent link: https://www.econbiz.de/10010442277
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Common value allocation mechanisms with private information : lotteries or auctions?
Matros, Alexander; Possajennikov, Alexandre - 2014
We consider mechanisms for allocating a common-value prize between two players in an incomplete information setting. In this setting, each player receives an independent private signal about the prize value. The signals are from a discrete distribution and the value is increasing in both...
Persistent link: https://www.econbiz.de/10010360354
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Innovation contests
Pérez-Castrillo, J. David; Wettstein, David - 2014
We study innovation contests with asymmetric information and identical contestants, where contestants' efforts and … payoffs for both nondiscriminatory and discriminatory (where the reward is contestant-dependent) contests. We derive …
Persistent link: https://www.econbiz.de/10010260048