Svaiter, Benar Fux; Monteiro, Paulo Klinger - FGV/EPGE Escola Brasileira de Economia e Finanças, … - 2008
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...