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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...
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We define the class of two‐player zero‐sum games with payoffs having mild discontinuities, which in applications typically stem from how ties are resolved. For such games, we establish sufficient conditions for existence of a value of the game, maximin and minimax strategies for the players,...
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We define the class of two-player zero-sum games with payoffs having mild discontinuities, which in applications typically stem from how ties are resolved. For games in this class we establish sufficient conditions for existence of a value of the game and minimax or Nash equilibrium strategies...
Persistent link: https://www.econbiz.de/10010561511
We posit a standard model of an asymmetric double auction with interdependent values in which each trader observes a private signal about a hidden state before submitting a bid or ask price for a unit demand or supply. The state and signals are one-dimensional, traders’ signals are independent...
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