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Monotone Equilibrium in Multi-Unit Auctions

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DAVID MCADAMS

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Abstract

In two-sided multi-unit auctions having a variety of payment rules, including uniform-price and discriminatory auctions, a monotone pure-strategy equilibrium (MPSE) exists when bidders are risk neutral with independent multi-dimensional types and interdependent values. In fact, all mixed-strategy equilibria are "ex post" allocation and interim expected payment equivalent to MPSE. Thus, for standard expected surplus/revenue analysis, there is no loss restricting attention to monotone strategies. Copyright 2006 The Review of Economic Studies Limited.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-937X.2006.00407.x
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Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 73 (2006)
Issue (Month): 4 (October)
Pages: 1039-1056
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Handle: RePEc:bla:restud:v:73:y:2006:i:4:p:1039-1056

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  1. Bogetoft, Peter & Nielsen, Kurt, 2003. "Yardstick Based Procurement Design In Natural Resource Management," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25910, International Association of Agricultural Economists. [Downloadable!]
  2. Philip J Reny, 2005. "On the Existence of Monotone Pure Strategy Equilibria in Bayesian Games," Levine's Working Paper Archive 784828000000000413, David K. Levine. [Downloadable!]
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  3. Oczkowski, Edward, 2008. "Excess Demand, Market Power and Price Adjustment in Clearinghouse Auction Markets for Water," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 38(2), pages 261-276, September. [Downloadable!]
  4. McAdams, David, 2002. "Bidding Lower with Higher Values in Multi-Object Auction," Working papers 4249-02, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  5. Olivier Armantier & Jean-Pierre Florens & Jean-Francois Richard, 2008. "Approximation of Nash equilibria in Bayesian games," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(7), pages 965-981. [Downloadable!]
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