Auctions with both common-value and private-value bidders
AbstractThis 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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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 111 (2011)
Issue (Month): 1 (April)
Contact details of provider:
Web page: http://www.elsevier.com/locate/ecolet
Asymmetry Second-price auction Monotone equilibrium Resale;
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.:
- Jacob K. Goeree & Theo Offerman, 1999.
"Competitive Bidding in Auctions with Private and Common Values,"
Virginia Economics Online Papers
337, University of Virginia, Department of Economics.
- Jacob K. Goeree & Theo Offerman, 2003. "Competitive Bidding in Auctions with Private and Common Values," Economic Journal, Royal Economic Society, vol. 113(489), pages 598-613, 07.
- Jacob K. Goeree & Theo Offerman, 2000. "Competitive Bidding in Auctions with Private and Common Values," Tinbergen Institute Discussion Papers 00-044/1, Tinbergen Institute.
- repec:wop:humbsf:2000-72 is not listed on IDEAS
- Isa Hafalir & Vijay Krishna, 2008. "Asymmetric Auctions with Resale," American Economic Review, American Economic Association, vol. 98(1), pages 87-112, March.
- Jackson, Matthew O., 2005.
"Non-Existence of Equilibrium in Vickrey, Second-Price, and English Auctions,"
1241, California Institute of Technology, Division of the Humanities and Social Sciences.
- Matthew Jackson, 2009. "Non-existence of equilibrium in Vickrey, second-price, and English auctions," Review of Economic Design, Springer, vol. 13(1), pages 137-145, April.
- Theo Offerman, 2002.
"Efficiency in Auctions with Private and Common Values: An Experimental Study,"
American Economic Review,
American Economic Association, vol. 92(3), pages 625-643, June.
- Jacob K. Goeree & Theo Offerman, 2000. "Efficiency in Auctions with Private and Common Values: An Experimental Study," Tinbergen Institute Discussion Papers 00-045/1, Tinbergen Institute.
- 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.
- Philip J. Reny & Shmuel Zamir, 2004.
"On the Existence of Pure Strategy Monotone Equilibria in Asymmetric First-Price Auctions,"
Econometric Society, vol. 72(4), pages 1105-1125, 07.
- Philip J. Reny & Shmuel Zamir, 2002. "On the Existence of Pure Strategy Monotone Equilibria in Asymmetric First-Price Auctions," Discussion Paper Series dp292, The Center for the Study of Rationality, Hebrew University, Jerusalem.
- Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
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