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Optimal search auctions with correlated bidder types

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  • Cremer, Jacques
  • Spiegel, Yossi
  • Zheng, Charles Z.

Abstract

We study optimal auctions when contacting prospective bidders is costly and the biddersï¾’ values are correlated. Although full surplus extraction is in general impossible, we can construct a search mechanism that fully extracts the surplus with an arbitrarily high probability.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 93 (2006)
Issue (Month): 1 (October)
Pages: 94-100

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Handle: RePEc:eee:ecolet:v:93:y:2006:i:1:p:94-100

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References

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  1. Crémer, Jacques & Spiegel, Yossi & Zheng, Charles, 2005. "Optimal Search Auctions," IDEI Working Papers 293, Institut d'Économie Industrielle (IDEI), Toulouse.
  2. Bergemann, Dirk & Pesendorfer, Martin, 2001. "Information Structures in Optimal Auctions," CEPR Discussion Papers 2991, C.E.P.R. Discussion Papers.
  3. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
  4. Burguet, Roberto, 1996. "Optimal Repeated Purchases When Sellers Are Learning about Costs," Journal of Economic Theory, Elsevier, vol. 68(2), pages 440-455, February.
  5. Preston McAfee, R. & McMillan, John, 1988. "Search mechanisms," Journal of Economic Theory, Elsevier, vol. 44(1), pages 99-123, February.
  6. David Pérez-Castrillo & Marilda Sotomayor, 2003. "A Selling Mechanism," Revista Brasileira de Economia, Graduate School of Economics, Getulio Vargas Foundation (Brazil), vol. 57(4), pages 931-952, October.
  7. Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, vol. 56(6), pages 1247-57, November.
  8. Dirk Bergemann & Juuso Valimaki, 2002. "Information Acquisition and Efficient Mechanism Design," Econometrica, Econometric Society, vol. 70(3), pages 1007-1033, May.
  9. Crémer, Jacques & Spiegel, Yossi & Zheng, Charles, 2003. "Optimal Selling Mechanisms wth Costly Information Acquisition," IDEI Working Papers 205, Institut d'Économie Industrielle (IDEI), Toulouse.
  10. Lixin Ye, 2004. "Optimal Auctions with Endogenous Entry," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 0(1), pages 8.
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Cited by:
  1. Crémer, Jacques & Spiegel, Yossi & Zheng, Charles Zhoucheng, 2007. "Auctions with Costly Information Acquisition," Staff General Research Papers 12709, Iowa State University, Department of Economics.

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