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Rationalizing (Non-)Equilibrium Bidding in Maximum-Value Auctions Without Beliefs About Others’ Behavior
Pezanis-Christou, Paul - 2019
, deals with bidders' anticipated regrets from winning and from losing the auction. It exploits the stochastic properties of … the auction format and rationalizes: (i) Nash equilibrium bidding, (ii) (non-)monotone overbidding and (iii) fully cursed …
Persistent link: https://www.econbiz.de/10012896753
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The power of sunspots : an experimental analysis
Fehr, Dietmar; Heinemann, Frank; Llorente-Saguer, Aniol - 2017
This paper presents an experiment on a coordination game with extrinsic random signals, in which we systematically vary the stochastic process generating these signals and measure how signals affect behavior. We find that sunspot equilibria emerge naturally if there are salient public signals....
Persistent link: https://www.econbiz.de/10011596121
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Information Acquisition During a Dutch Auction
Miettinen, Paavo - 2010
In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed … auction. We assume that the information acquisition activity is covert. We characterize the equilibrium behavior in a setting …, the Dutch auction produces more revenue than would a first price auction …
Persistent link: https://www.econbiz.de/10014196912
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Equilibrium in Scoring Auctions
Asker, John; Cantillon, Estelle - 2008
This paper studies multi-attribute auctions in which a buyer seeks to procure a complex good and evaluate offers using a quasi-linear scoring rule. Suppliers have private information about their costs, which is summarized by a multi-dimensional type. The scoring rule reduces the multidimensional...
Persistent link: https://www.econbiz.de/10014028638
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Vickrey-Reserve Auctions and an Equilibrium Equivalence
Sano, Ryuji - 2012
This paper considers a general package auction problem and a class of payment rules we refer to as standard. In a … with the payment in the Vickrey auction, and standard auctions include the Vickrey auction and core-selecting auctions by … a full-information Nash equilibrium in any standard auction …
Persistent link: https://www.econbiz.de/10013116028
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Information Acquisition During a Dutch Auction
Miettinen, Paavo - 2012
In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed … auction. We assume that the information acquisition activity is covert. We characterize the equilibrium behavior in a setting …, the Dutch auction produces more revenue than would a first price auction …
Persistent link: https://www.econbiz.de/10013109754
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Affiliation, equilibrium existence and revenue ranking of auctions
Castro, Luciano I. de - 2010
large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of …
Persistent link: https://www.econbiz.de/10009237134
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Competing with asking prices
Lester, Benjamin; Visschers, Ludo; Wolthoff, Ronald - 2016
In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller...
Persistent link: https://www.econbiz.de/10011488000
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Equilibria in a Japanese-English auction with discrete bid levels for the wallet game
Silva, Ricardo Gonçalves; Ray, Indrajit - 2016
We consider the set-up of a Japanese-English auction with exogenously fixed discrete bid levels for the wallet game …
Persistent link: https://www.econbiz.de/10011688790
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Equilibrium Selection, Inefficiency, and Instability in Internet Advertising Auctions
Hashimoto, Tadashi - 2020
This paper studies equilibrium selection in the generalized second price auction, employed by major search engines to …
Persistent link: https://www.econbiz.de/10012857619