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Dynamic Consistency, Revelations in Auctions and the Structure of Preferences

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Author Info
Karni, Edi
Safra, Zvi

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Abstract

Analyzing the optimal bidding behavior in ascending-bid auctions and second-price, sealed-bid auctions with independent private values, the authors show that expected utility maximizing behavior is equivalent to (1) dynamically consistent bidding in ascending-bid auctions; (2) the equivalence of the optimal bids in ascending-bid auctions and in second-price, sealed-bid auctions; and (3) bidding the value of the object in second-price, sealed-bid auctions. In addition, the optimal bid in ascending-bid auctions equals the value of the object, if and only if, the bidder's preferences on lotteries are both quasi-concave and quasi-convex. Copyright 1989 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 56 (1989)
Issue (Month): 3 (July)
Pages: 421-33
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Handle: RePEc:bla:restud:v:56:y:1989:i:3:p:421-33

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  1. Andreas Pape & Subir Bose & Emre Ozdenoren, 2004. "Optimal auctions with ambiguity," Econometric Society 2004 North American Summer Meetings 609, Econometric Society. [Downloadable!]
    Other versions:
  2. J.L. Ferreira, 1992. "Credible Equilibria in Games with Utilities Changing During the Play," Discussion Papers 988, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  3. Hurley, Sean P. & Kliebenstein, James B., 2003. "Interpreting Bids From A Vickrey Auction When There Are Public Good Attributes," 2003 Annual meeting, July 27-30, Montreal, Canada 21965, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. Lotito, Gianna, 2007. "Resolute Choice in interaction: a qualitative experiment," P.O.L.I.S. department's Working Papers 94, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  5. Border, Kim C. & Segal, Uzi, 1992. "Dynamic Consistency Implies Approximately Expected Utility Preferences," Working Papers 821, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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  6. Yeon-Koo Che & Ian Gale, 2005. "Revenue comparisons for auctions when bidders have arbitrary types," Discussion Papers 0506-03, Columbia University, Department of Economics. [Downloadable!]
    Other versions:
  7. Halevy, Yoram, 2004. "Strotz meets Allais: Diminishing Impatience and the Certainty Effect," Micro Theory Working Papers halevy-04-10-29-10-08-43, Microeconomics.ca Website, revised 19 Jun 2008. [Downloadable!]
    Other versions:
  8. Robert Lapson, 1992. "Expected Value," Discussion Papers 1037, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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