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Auctions with both common-value and private-value bidders

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  • Tan, Xu
  • Xing, Yiqing
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    Abstract

    This paper shows the existence of monotone pure-strategy equilibrium in auctions with both common-value bidders and private-value ones. In equilibrium, the common-value bidders bid less aggressively when there are more private-value bidders. Further, resale is discussed as an application.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-507BHJ6-2/2/ba84fb9aa8153054a240dc91701de788
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 111 (2011)
    Issue (Month): 1 (April)
    Pages: 99-103

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    Handle: RePEc:eee:ecolet:v:111:y:2011:i:1:p:99-103

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Asymmetry Second-price auction Monotone equilibrium Resale;

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    1. Jacob K. Goeree & Theo Offerman, 2000. "Efficiency in Auctions with Private and Common Values: An Experimental Study," Virginia Economics Online Papers 347, University of Virginia, Department of Economics.
    2. Isa Hafalir & Vijay Krishna, 2008. "Asymmetric Auctions with Resale," American Economic Review, American Economic Association, vol. 98(1), pages 87-112, March.
    3. Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
    4. Jacob K. Goeree & Theo Offerman, 2000. "Competitive Bidding in Auctions with Private and Common Values," Tinbergen Institute Discussion Papers 00-044/1, Tinbergen Institute.
    5. Jackson, Matthew O., 2005. "Non-Existence of Equilibrium in Vickrey, Second-Price, and English Auctions," Working Papers 1241, California Institute of Technology, Division of the Humanities and Social Sciences.
    6. Philip J. Reny & Shmuel Zamir, 2004. "On the Existence of Pure Strategy Monotone Equilibria in Asymmetric First-Price Auctions," Econometrica, Econometric Society, vol. 72(4), pages 1105-1125, 07.
    7. repec:wop:humbsf:2000-72 is not listed on IDEAS
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