Häfner, Samuel - In: Quantitative economics : QE ; journal of the … 14 (2023) 2, pp. 419-470
This paper analyzes risk aversion in discriminatory share auctions. I generalize the k‐step share auction model of Kastl (2011, 2012) and establish that marginal profits are set‐identified for any given coefficient of constant absolute risk aversion. I also derive necessary conditions for...