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Informational Size and Efficient Auctions Author info | Abstract | Publisher info | Download info | Related research | Statistics RICHARD McLEAN
ANDREW POSTLEWAITE
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We develop an auction model for the case of interdependent values and multidimensional signals in which agents' signals are correlated. We provide conditions under which a modification of the Vickrey auction which includes payments to the bidders will result in an "ex post" efficient outcome. Furthermore, we provide a definition of informational size such that the necessary payments to bidders will be arbitrarily small if agents are sufficiently informationally small. Copyright 2004 The Review of Economic Studies Ltd.
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Article provided by Blackwell Publishing in its journal The Review of Economic Studies .
Volume (Year): 71 (2004)
Issue (Month): (07)
Pages: 809-827
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Handle: RePEc:bla:restud:v:71:y:2004:i::p:809-827Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Postlewaite, Andrew & Schmeidler, David, 1986.
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Other versions: Cremer, Jacques & McLean, Richard P, 1988.
"Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions ,"
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Cremer, Jacques & McLean, Richard P, 1985.
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McAfee, R Preston & Reny, Philip J, 1992.
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P. Dasgupta & Eric Maskin, 1998.
"Efficient Auctions ,"
Harvard Institute of Economic Research Working Papers
1857, Harvard - Institute of Economic Research.
Other versions: Richard McLean & Andrew Postlewaite, 2002.
"Informational Size and Incentive Compatibility ,"
Econometrica ,
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Other versions: Motty Perry & Philip J. Reny, 2002.
"An Efficient Auction ,"
Econometrica ,
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Richard P. McLean & Andrew Postlewaite, 2006.
"Implementation with Interdependent Valuations ,"
PIER Working Paper Archive
06-007, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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Other versions: Milgrom, Paul R & Weber, Robert J, 1982.
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Econometrica ,
Econometric Society, vol. 50(5), pages 1089-1122, September.
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Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Colin Campbell, 2005.
"Let Them Burn Money: Making Elections More Informative ,"
Departmental Working Papers
200512, Rutgers University, Department of Economics.
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Philippe Jehiel & Benny Moldovanu, 2005.
"Allocative and Informational Externalities in Auctions and Related Mechanisms ,"
Discussion Papers
142, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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Other versions:
Philippe Jehiel & Benny Moldovanu, 2005.
"Allocative and Informational Externalities in Auctions and Related Mechanisms ,"
Levine's Bibliography
784828000000000490, UCLA Department of Economics.
[Downloadable!] Philippe Jehiel & Benny Moldovanu, 2006.
"Allocative and Informational Externalities in Auctions and Related Mechanisms ,"
Levine's Bibliography
122247000000001129, UCLA Department of Economics.
[Downloadable!] Jehiel, Philippe & Moldovanu, Benny, 2006.
"Allocative and Informational Externalities in Auctions and Related Mechanisms ,"
CEPR Discussion Papers
5558, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Richard P. McLean & Andrew Postlewaite, 2006.
"Implementation with Interdependent Valuations ,"
Levine's Bibliography
122247000000001242, UCLA Department of Economics.
[Downloadable!]
Other versions: George J. Mailath & Stephen Morris, 2004.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
Cowles Foundation Discussion Papers
1479, Cowles Foundation, Yale University.
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Other versions:
Stephen Morris & George J Mailath, 2005.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
2005 Meeting Papers
25, Society for Economic Dynamics.
[Downloadable!] George J. Mailath & Stephen Morris, 2004.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
PIER Working Paper Archive
04-033, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
[Downloadable!] George J. Mailath & Stephen Morris, 2005.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
Levine's Bibliography
122247000000000340, UCLA Department of Economics.
[Downloadable!] George J. Mailath & Stephen Morris, 2004.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
Cowles Foundation Discussion Papers
1479R, Cowles Foundation, Yale University, revised Mar 2005.
[Downloadable!] George J Mailath & Stephen Morris, 2006.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
Levine's Bibliography
122247000000001105, UCLA Department of Economics.
[Downloadable!] George J. Mailath & Stephen Morris, 2004.
"Coordination Failure in Repeated Games with Almost-Public Monitoring ,"
PIER Working Paper Archive
05-014, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 23 Mar 2005.
[Downloadable!] Mailath, George J. & Morris, Stephen, 2006.
"Coordination failure in repeated games with almost-public monitoring ,"
Theoretical Economics ,
Society for Economic Theory, vol. 1(3), pages 311-340, September.
[Downloadable!] Claudio Mezzetti, 2005.
"Mechanism Design with Interdependent Valuations: Surplus Extraction ,"
Discussion Papers in Economics
05/1, Department of Economics, University of Leicester, revised Mar 2006.
[Downloadable!]
Other versions: Johnson, Scott & Miller, Nolan & Pratt, John W. & Zeckhauser, Richard, 2003.
"Efficient Design with Multidimensional, Continuous Types, and Interdependent Valuations ,"
Working Paper Series
rwp03-020, Harvard University, John F. Kennedy School of Government.
[Downloadable!]
Dino Gerardi & Richard McLean & Andrew Postlewaite, 2005.
"Aggregation of Expert Opinions ,"
PIER Working Paper Archive
05-016, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
[Downloadable!]
Other versions:
Dino Gerardi & Richard McLean & Andrew Postlewaite, 2005.
"Aggregation of Expert Opinions ,"
Cowles Foundation Discussion Papers
1503, Cowles Foundation, Yale University.
[Downloadable!] Gerardi, Dino & McLean, Richard & Postlewaite, Andrew, 2009.
"Aggregation of expert opinions ,"
Games and Economic Behavior ,
Elsevier, vol. 65(2), pages 339-371, March.
[Downloadable!] (restricted) Miller, Nolan & Pratt, John H. & Zeckhauser, Richard & Johnson, Scott, 2006.
"Mechanism Design with Multidimensional, Continuous Types and Interdependent Valuations ,"
Working Paper Series
rwp06-028, Harvard University, John F. Kennedy School of Government.
[Downloadable!]
Other versions:
Miller, Nolan H. & Pratt, John W. & Zeckhauser, Richard J. & Johnson, Scott, 2007.
"Mechanism design with multidimensional, continuous types and interdependent valuations ,"
Journal of Economic Theory ,
Elsevier, vol. 136(1), pages 476-496, September.
[Downloadable!] (restricted) Roust, Kevin A. & Plott, Charles R., 2005.
"The design and testing of information aggregation mechanisms: A Two-stage parimutuel IAM ,"
Working Papers
1245, California Institute of Technology, Division of the Humanities and Social Sciences.
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Philippe Jehiel & Moritz Meyer-ter-Vehn & Benny Moldovanu & William R. Zame, 2005.
"The Limits of Ex-Post Implementation ,"
Levine's Bibliography
666156000000000548, UCLA Department of Economics.
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Other versions: Stanislav Anatolyev & Grigory Kosenok, 2006.
"Tests in contingency tables as regression tests ,"
Working Papers
w0075, Center for Economic and Financial Research (CEFIR).
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Hanming Fang & Stephen Morris, 2003.
"Multidimensional Private Value Auctions ,"
Cowles Foundation Discussion Papers
1423, Cowles Foundation, Yale University.
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Other versions:
Stephen Morris & Hanming Fang, 2004.
"Multidimensional Private Value Auctions ,"
Econometric Society 2004 North American Winter Meetings
174, Econometric Society.
[Downloadable!] Hanming Fang, 2004.
"Multidimensional Private Value Auctions ,"
Theory workshop papers
121473000000000021, UCLA Department of Economics.
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"Multidimensional Private Value Auctions ,"
Yale School of Management Working Papers
ysm387, Yale School of Management.
[Downloadable!] Fang, Hanming & Morris, Stephen, 2006.
"Multidimensional private value auctions ,"
Journal of Economic Theory ,
Elsevier, vol. 126(1), pages 1-30, January.
[Downloadable!] (restricted)
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