We characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalized virtual valuation. To show the wider applicability of this concept we present two examples showing how to...

Eu demonstro que preferências convexas com curvas de indiferença afins não tem representação côncava se existirem duas curvas de indiferença não-paralelas

In this paper I prove that a quasiconcave separable utility function defined on an atomless space is concave.

We characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalized virtual valuation. To show the wider applicability of this concept we present two examples showing how to...