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Equilibrium in the Two Player, k-Double Auction with Affiliate Private Values
Kadan, Ohad - 2004
We prove the existence of an increasing equilibrium, and study the comparative statics of correlation in the k-double auction with affiliated private values. This is supposedly the simplest bilateral trading mechanism that allows for dependence in valuations between buyers and sellers. In the...
Persistent link: https://www.econbiz.de/10011324889
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Equilibrium in the two player, k-double auction with affiliate private values
Kadan, Ohad - 2004
We prove the existence of an increasing equilibrium, and study the comparative statics of correlation in the k-double auction with affiliated private values. This is supposedly the simplest bilateral trading mechanism that allows for dependence in valuations between buyers and sellers. In the...
Persistent link: https://www.econbiz.de/10011599188
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Correlation of types in Bayesian games
De Castro, Luciano - 2012
Despite their importance, games with incomplete information and dependent types are poorly understood; only special cases have been considered and a general approach is not yet available. In this paper, we propose a new condition (named richness) for correlation of types in (asymmetric) Bayesian...
Persistent link: https://www.econbiz.de/10010352858
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Affiliation, equilibrium existence and revenue ranking of auctions
De Castro, Luciano I. - 2010
Affiliation has been a prominent assumption in the study of economic models with statistical dependence. Despite its … large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of …. This paper shows that affiliation is a restrictive condition and the intuition usually given for its adoption may be …
Persistent link: https://www.econbiz.de/10010282914
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Affiliation and dependence in economic models
de Castro, Luciano I. - 2009
Affiliation has been a prominent assumption in the study of economic models with statistical dependence. Despite its … large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of …. This paper shows that affiliation is a restrictive condition and the intuition usually given for its adoption may be …
Persistent link: https://www.econbiz.de/10010282939
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Affiliation and Dependence in Economic Models
Castro, Luciano I. de - Center for Mathematical Studies in Economics and … - 2009
Affiliation has been a prominent assumption in the study of economic models with statistical dependence. Despite its … large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of …. This paper shows that affiliation is a restrictive condition and the intuition usually given for its adoption may be …
Persistent link: https://www.econbiz.de/10008578135
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A Note on Revenue Effects of Asymmetry in Private-Value Auctions
Kaplan, Todd R.; Zamir, Shmuel - Business School, University of Exeter - 2001
We formulate a way to study whether the asymmetry of buyers (in the sense of having different prior probability distributions of valuations) is helpful to the seller in private-value auctions (asked first by Cantillon [2001]). In our proposed formulation, this question corresponds to two...
Persistent link: https://www.econbiz.de/10008852299
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Strategic Foundations of Rational Expectations
Barelli, Paulo; Govindan, Srihari; Wilson, Robert - 2022
We study an economy with traders whose payoffs are quasilinear and their private signals are informative about an unobserved state parameter. The limit economy has infinitely many traders partitioned into a finite set of symmetry classes called types. It has a unique rational expectations...
Persistent link: https://www.econbiz.de/10014029999
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A Double Auction Market: Teaching, Experiment and Theory
Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2003
A simultaneous double auction market with bid and offer cards was utilized in classes on the theory and history of money and financial institutions and occasionally in classes on the theory of games. The prime purpose in using this game was to teach the students how to construct process models...
Persistent link: https://www.econbiz.de/10005464032
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Information Percolation in Segmented Markets
DUFFIE, Darrell; MALAMUD, Semyon; MANSO, Gustavo - 2010
We calculate equilibria of dynamic double-auction markets in which agents are distinguished by their preferences and information. Over time, agents are privately informed by bids and offers. Investors are segmented into groups that differ with respect to characteristics determining information...
Persistent link: https://www.econbiz.de/10008922909