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Risk aversion in auctions with asymmetrically informed bidders: A "desensitizer" from uncertainty

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  • Muñoz-García, Félix
  • Orozco-Alemán, Sandra

Abstract

In the context of first-price auctions with asymmetrically informed bidders, we show that risk aversion not only increases a player's bid, but also makes him less sensitive to the probability that other bidders are informed about his private valuation.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176511001030
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 112 (2011)
Issue (Month): 1 (July)
Pages: 38-41

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Handle: RePEc:eee:ecolet:v:112:y:2011:i:1:p:38-41

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

Related research

Keywords: First-price auctions Asymmetrically informed bidders Risk aversion Unknown valuations;

References

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  1. Eric S. Maskin & John G. Riley, 1985. "Auction Theory with Private Values," UCLA Economics Working Papers 359, UCLA Department of Economics.
  2. Stephen Morris & Hanming Fang, 2004. "Multidimensional Private Value Auctions," Yale School of Management Working Papers ysm387, Yale School of Management.
  3. Bergemann, Dirk & Pesendorfer, Martin, 2007. "Information structures in optimal auctions," Journal of Economic Theory, Elsevier, vol. 137(1), pages 580-609, November.
  4. Moez Bennouri & Sonia Falconieri, 2006. "Optimal auctions with asymmetrically informed bidders," Economic Theory, Springer, vol. 28(3), pages 585-602, 08.
  5. Péter Eső & Bal�zs Szentes, 2007. "Optimal Information Disclosure in Auctions and the Handicap Auction," Review of Economic Studies, Oxford University Press, vol. 74(3), pages 705-731.
  6. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521551847, November.
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