Multiplicity of Equilibria in Multi-Unit Demand Sequential Auctions under Complete Information
AbstractWe show that the result on the existence of a unique Nash perfect equilibrium in two-bidder multi-unit sequential second-price auctions under complete information (as in Krishna, 1993; Katzman, 1999; and Gale and Stegeman, 2001) is not robust in higher dimensional auctions. Using an example featuring three bidders competing for four objects, we found two equilibria characterized by different vectors of prices and allocations.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 32 (2012)
Issue (Month): 1 ()
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sequential auctions; complete information; multiple equilibria;
Find related papers by JEL classification:
- D4 - Microeconomics - - Market Structure and Pricing
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
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- repec:ebl:ecbull:v:30:y:2010:i:1:p:429-436 is not listed on IDEAS
- Mohamed Jeddy & Bruno Larue & Jean-philippe Gervais, 2010. "Allocations and Price Trends in Sequential Auctions under Complete Information with Symmetric Bidders," Economics Bulletin, AccessEcon, vol. 30(1), pages 429-436.
- Jeddy, Mohamed & Larue, Bruno, 2012. "Mergers, concurrent marketing mechanisms and the performance of sequential auctions," Working Papers 126945, Structure and Performance of Agriculture and Agri-products Industry (SPAA).
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