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The Herodotus paradox

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  • Baye, Michael R.
  • Kovenock, Dan
  • de Vries, Casper G.

Abstract

The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete information, and in so doing identify what we call the “Herodotus paradox.”

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Bibliographic Info

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

Volume (Year): 74 (2012)
Issue (Month): 1 ()
Pages: 399-406

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Handle: RePEc:eee:gamebe:v:74:y:2012:i:1:p:399-406

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

Related research

Keywords: Auctions; Contests; Mixed strategy; Interim equilibrium; Ex ante equilibrium; Fubiniʼs Theorem;

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References

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Please 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.:
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  1. Michael Baye & Dan Kovenock & Casper Vries, 2012. "Contests with rank-order spillovers," Economic Theory, Springer, vol. 51(2), pages 315-350, October.
  2. J. Riley & E. Maskin, 1981. "Optimal Auctions with Risk Averse Buyers," Working papers 311, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2010. "The Herodotus Paradox," Tinbergen Institute Discussion Papers 10-090/2, Tinbergen Institute.
  5. Bhattacharyya, Sugato & Lipman, Barton L, 1995. "Ex ante versus Interim Rationality and the Existence of Bubbles," Economic Theory, Springer, vol. 6(3), pages 469-94, November.
  6. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-92, June.
  7. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2010. "The Herodotus Paradox," Tinbergen Institute Discussion Papers 10-090/2, Tinbergen Institute.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. An analysis of the oldest auction in history
    by Economic Logician in Economic Logic on 2011-01-05 15:52:00
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Cited by:
  1. Michael R. Baye & Dan Kovenock J. & Casper De Vries, 2010. "The Herodotus Paradox," CESifo Working Paper Series 3135, CESifo Group Munich.

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  1. Economic Logic blog

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