Showing 1 - 10 of 39
Persistent link: https://www.econbiz.de/10009793523
Persistent link: https://www.econbiz.de/10011500622
Persistent link: https://www.econbiz.de/10010470627
A single unit of a good is to be sold by auction to one of two buyers. The good has either a high value or a low value, with known prior probabilities. The designer of the auction knows the prior over values but is uncertain about the correct model of the buyers' beliefs. The designer evaluates...
Persistent link: https://www.econbiz.de/10012977350
We study auction design when bidders have a pure common value equal to the maximum of their independent signals. In the revenue maximizing mechanism, each bidder makes a payment that is independent of his signal and the allocation discriminates in favor of bidders with lower signals. We provide...
Persistent link: https://www.econbiz.de/10012977351
We characterize revenue maximizing mechanisms in a common value environment where the value of the object is equal to the highest of bidders’ independent signals. If the object is optimally sold with probability one, then the optimal mechanism is simply a posted price, with the highest...
Persistent link: https://www.econbiz.de/10012415457
Persistent link: https://www.econbiz.de/10011647505
Persistent link: https://www.econbiz.de/10011647506
Persistent link: https://www.econbiz.de/10011647510
A game of incomplete information can be decomposed into a basic game and an information structure. The basic game defines the set of actions, the set of payoff states the payoff functions and the common prior over the payoff states. The information structure refers to the signals that the...
Persistent link: https://www.econbiz.de/10011672033