Optimal search auctions with correlated bidder types
Abstract
We study optimal auctions when contacting prospective bidders is costly and the biddersï¾â 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.(This abstract was borrowed from another version of this item.)
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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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Web page: http://www.elsevier.com/locate/ecolet
Related research
Keywords:Other versions of this item:
- Crémer, Jacques & Spiegel, Yossi & Zheng, Charles Zhoucheng, 2006. "Optimal Search Auctions with Correlated Bidder Types," Staff General Research Papers 12663, Iowa State University, Department of Economics.
References
References listed on IDEASPlease 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.:
- Crémer, Jacques & Spiegel, Yossi & Zheng, Charles, 2005.
"Optimal Search Auctions,"
IDEI Working Papers
293, Institut d'Économie Industrielle (IDEI), Toulouse.
- Cremer, Jacques & Spiegel, Yossi & Zheng, Charles Zhoucheng, 2007. "Optimal search auctions," Journal of Economic Theory, Elsevier, vol. 134(1), pages 226-248, May.
- Charles Zhoucheng Zheng & Jacques Cremer & Yossef Spiegel, 2004. "Optimal search auctions," Econometric Society 2004 North American Summer Meetings 615, Econometric Society.
- Crémer, Jacques & Spiegel, Yossi & Zheng, Charles Zhoucheng, 2007. "Optimal Search Auctions," Staff General Research Papers 12662, Iowa State University, Department of Economics.
- Jacques Cremer & Yossi Spiegel & Charles Z. Zheng, 2005. "Optimal Search Auctions," Discussion Papers 1421, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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2991, C.E.P.R. Discussion Papers.
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- Dirk Bergemann & Martin Pesendorfer, 2001. "Information Structures in Optimal Auctions," Cowles Foundation Discussion Papers 1323, Cowles Foundation for Research in Economics, Yale University.
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- 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.
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- Dirk Bergemann & Juuso Vaimaki, 2000. "Information Acquisition and Efficient Mechanism Design," Cowles Foundation Discussion Papers 1248, Cowles Foundation for Research in Economics, Yale University.
- Crémer, Jacques & Spiegel, Yossi & Zheng, Charles, 2003. "Optimal Selling Mechanisms wth Costly Information Acquisition," IDEI Working Papers 205, Institut d'Économie Industrielle (IDEI), Toulouse.
- Lixin Ye, 2004. "Optimal Auctions with Endogenous Entry," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 0(1), pages 8.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Crémer, Jacques & Spiegel, Yossi & Zheng, Charles Zhoucheng, 2007.
"Auctions with Costly Information Acquisition,"
Staff General Research Papers
12709, Iowa State University, Department of Economics.
- Jacques Crémer & Yossi Spiegel & Charles Zheng, 2009. "Auctions with costly information acquisition," Economic Theory, Springer, vol. 38(1), pages 41-72, January.
- Crémer, Jacques & Spiegel, Yossi & Zheng, Charles Z., 2009. "Auctions with Costly Information Acquisition," Open Access publications from University of Toulouse 1 Capitole http://neeo.univ-tlse1.fr, University of Toulouse 1 Capitole.
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