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In auctions with externalities, it is well-known that the core can be empty, which is undesirable both in terms of … the sense that the seller and the bidders experience justified envy. We show that the core is nonempty if bidders cannot …
Persistent link: https://www.econbiz.de/10012843633
In auctions with externalities, the core can be empty, which is undesirable both in terms of stability and fairness. We … show that the core is nonempty if the seller cannot deviate, as a counterpart of the result of the nonemptiness of the core …
Persistent link: https://www.econbiz.de/10012836639
equilibrium as well, which corresponds very naturally to an outcome in the matching core of the TU game. Consequently we show that … the matching core of the nonnegative TU game is non-empty if and only if the induced market game has a market equilibrium …
Persistent link: https://www.econbiz.de/10012734169
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A number of heterogeneous items are to be sold to a group of potential bidders. Every bidder knows his own values over the items and his own budget privately. Due to budget constraint, bidders may not be able to pay up to their values. In such a market, a Walrasian equilibrium usually fails to...
Persistent link: https://www.econbiz.de/10011374424
We present a partial identification approach for ascending auctions wit bidder asymmetries, where bidders’ asymmetric types may be unobservable to the econometrician. Our approach yields sharp bounds and builds on and generalizes other recent bounds approaches for correlated private values...
Persistent link: https://www.econbiz.de/10011801447
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In this paper we propose a two-step semiparametric procedure to estimate first-price auction models. In the first-step, we estimate the bid density and distribution using local polynomial method, and recover a sample of (pseudo) private values. In the second-step, we apply the method of moments...
Persistent link: https://www.econbiz.de/10012904820
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