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Second best efficiency and the English auction

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Author Info

  • Hernando-Veciana, Ángel
  • Michelucci, Fabio

Abstract

We study the second best in a single unit sale to two bidders. This is the allocation that maximizes the expected social surplus subject to the biddersʼ incentive compatible constraints when the first best is not implementable. We prove that Maskinʼs (1992) result that any first best allocation that is deterministic and monotone can be implemented with the English auction carries over to the second best.

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File URL: http://www.sciencedirect.com/science/article/pii/S0899825611000716
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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 73 (2011)
Issue (Month): 2 ()
Pages: 496-506

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Handle: RePEc:eee:gamebe:v:73:y:2011:i:2:p:496-506

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Web page: http://www.elsevier.com/locate/inca/622836

Related research

Keywords: Efficiency; Auctions; Mechanism design;

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Cited by:
  1. Jacob K. Goeree & Alexey Kushnir, 2011. "A geometric approach to mechanism design," ECON - Working Papers 056, Department of Economics - University of Zurich, revised Jun 2013.
  2. Angel Hernando-Veciana & Fabio Michelucci, 2013. "Do Not Panic: How to Avoid Inefficient Rushes Using Multi-Stage Auctions," CERGE-EI Working Papers wp489, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  3. Alex Gershkov & Jacob Goeree & Alexey Kushnir & Benny Moldovanu & Xianwen Shi, 2012. "On the Equivalence of Bayesian and Dominant Strategy Implementation," Working Papers tecipa-445, University of Toronto, Department of Economics.

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