We study equilibria of dynamic over-the-counter markets in which agents are distinguished by their preferences and information. Over time, agents are privately informed by bids and o ffers. Investors diff er with respect to information quality, including initial information precision, and also...

Competition between oligopolist electricity generators is inhibited by transmission constraints. I present a supply function equilibrium (SFE) model of an electricity market with a single lossless, but constrained, transmission line. The market admits equilibria in which generator withhold...

We provide a shorter proof of the main result in Reny and Perry (2006, Econometrica) by establishing a lower semicontinuity property of auctions as the number of traders goes to infinity, leveraging existence of equilibria in the limit auction. Our proof also eliminates two of the assumptions in...

This paper investigates symmetric equilibria in first- and second-price auctions with multidimensional types. The constructed model mirrors the information structure of actual procurement auctions. We demonstrate by a counterexample that symmetric and continuous type distribution is not a...

For an all-pay sealed-bid auction of an item for which each bidder's realized value can depend on every bidder's privately observed signal, existence of equilibria in behavioral strategies is established using only the assumption that bidders' value functions and the density function of signals...

For two symmetric bidders, weak monotonicity conditions are shown to imply existence of an equilibrium in mixed behavioral strategies for a sealed-bid first-price auction of an item for which each bidder's value depends on every bidder's observed signal. Such an equilibrium has atomless...

A first-price sealed-bid auction of an item for which bidders are risk-neutral and have privately known values is shown to have an equilibrium in mixed behavioral strategies if the joint distribution of bidders' values has a continuous density on a cubical support. Such an equilibrium has...

We study cheap-talk pre-play communication in the static all-pay auctions. For the case of two bidders, all correlated and communication equilibria are payoff equivalent to the Nash equilibrium if there is no reserve price, or if it is commonly known that one bidder has a strictly higher value....

Any symmetric mixed-strategy equilibrium in a Tullock contest with intermediate values of the decisiveness parameter ("2 R ∞") has countably infinitely many mass points. All probability weight is concentrated on those mass points, which have the zero bid as their sole point of accumulation....