How bidder's number affects optimal reserve price in first-price auctions under risk aversion
AbstractThis paper shows that in the classic symmetric and independent private value environments, the seller's optimal reserve price is a decreasing function of the number of bidders in the first-price auctions when the seller and/or buyers are risk averse.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 113 (2011)
Issue (Month): 1 (October)
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Web page: http://www.elsevier.com/locate/ecolet
Bidder number Risk aversion Reserve price Independent private value First-price auction;
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