Auction choice for ambiguity-averse sellers facing strategic uncertainty: Comment
AbstractThis note demonstrates epsilon equilibria in the first-price auction that achieve lower worst-case expected revenues than the lower bound proposed by Turocy (2008) (Auction choice for ambiguity-averse sellers facing strategic uncertainty, Games Econ. Behav. 62 (2008) 155-179). Additionally, it stresses the importance of a careful specification of the action space to properly characterize expected revenues when bidders systematically deviate from equilibrium play.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 72 (2011)
Issue (Month): 2 (June)
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Web page: http://www.elsevier.com/locate/inca/622836
First-price auctions Epsilon equilibrium Worst-case analysis;
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