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First-price auctions with resale and with outcomes robust to bid disclosure

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  • Bernard Lebrun
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    Abstract

    Although there exists a pure separating equilibrium of the two-bidder first-price auction with resale when the bids are kept secret, the ratchet effect prevents the existence of such an equilibrium if the bidders are heterogeneous and the bids are fully disclosed. Nevertheless, we construct a behavioral equilibrium under full disclosure that is equivalent to the pure separating equilibrium under no disclosure. Thus, if the bidders follow this equilibrium, the choice of the disclosure regime does not affect the final allocation of the item nor the expected payoffs. Copyright (c) 2010, RAND.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1756-2171.2009.00094.x
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    Bibliographic Info

    Article provided by RAND Corporation in its journal The RAND Journal of Economics.

    Volume (Year): 41 (2010)
    Issue (Month): 1 ()
    Pages: 165-178

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    Handle: RePEc:bla:randje:v:41:y:2010:i:1:p:165-178

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    Cited by:
    1. repec:hal:wpaper:halshs-00564887 is not listed on IDEAS
    2. Charles Z. Zheng, 2014. "Existence of Monotone Equilibria in First-Price Auctions with Resale," University of Western Ontario, Economic Policy Research Institute Working Papers 20141, University of Western Ontario, Economic Policy Research Institute.
    3. Lebrun, Bernard, 2012. "Optimality and the English and second-price auctions with resale," Games and Economic Behavior, Elsevier, vol. 75(2), pages 731-751.

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