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In a large class of multi-unit auctions of identical objects that includes the uniform-price, as-bid (or discriminatory), and Vickrey auctions, a Bayesian Nash equilibrium exists in monotone pure strategies whenever there is a finite price / quantity grid and each bidder's interim expected...
Persistent link: https://www.econbiz.de/10005458488
Multi-object auctions differ in an important way from single-object auctions. When bidders have multi-object demand, equilibria can exist in which bids decrease as values increase! Consider a model with n bidders who receive affiliated one-dimensional types t and whose marginal values are...
Persistent link: https://www.econbiz.de/10005458515
Our approach for automating the negotiation of business contracts proceeds in three broad steps. First, determine the structure of the negotiation process by applying general knowledge about auctions and domain-specific knowledge about the contract subject along with preferences from po- tential...
Persistent link: https://www.econbiz.de/10005587511