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Optimality and the English and second-price auctions with resale

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  • Lebrun, Bernard
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    Abstract

    In the presence of resale and under more general assumptions than Zhengʼs (2002), implementation of Myersonʼs (1981) optimal allocation with two bidders is achieved through the second-price auction. In a special class of asymmetric n-bidder models, it is achieved through the English auction.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0899825612000474
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    Bibliographic Info

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

    Volume (Year): 75 (2012)
    Issue (Month): 2 ()
    Pages: 731-751

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    Handle: RePEc:eee:gamebe:v:75:y:2012:i:2:p:731-751

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

    Related research

    Keywords: Optimality; Resale; Second-price auction; English auction; Heterogeneous bidders; Efficiency; Behavioral bidding strategies; No-regret property; Multiplicity of equilibria;

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    References

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    1. Isa Hafalir & Vijay Krishna, 2008. "Asymmetric Auctions with Resale," American Economic Review, American Economic Association, vol. 98(1), pages 87-112, March.
    2. Giacomo Calzolari & Alessandro Pavan, 2006. "Monopoly with resale," RAND Journal of Economics, RAND Corporation, vol. 37(2), pages 362-375, 06.
    3. Garratt, Rod & Troger, Thomas & Zheng, Charles Zhoucheng, 2007. "Collusion Via Resale," Staff General Research Papers 12829, Iowa State University, Department of Economics.
    4. Zheng, Charles Zhoucheng, 2002. "Optimal Auction with Resale," Staff General Research Papers 12664, Iowa State University, Department of Economics.
    5. Rod Garratt & Thomas Troger, 2004. "Speculation in Standard Auctions with Resale," Microeconomics 0405005, EconWPA.
    6. Bernard Caillaud & Jacques Robert, 2005. "Implementation of the revenue-maximizing auction by an ignorant seller," Review of Economic Design, Springer, vol. 9(2), pages 127-143, 04.
    7. Green, Jerry R & Laffont, Jean-Jacques, 1987. "Posterior Implementability in a Two-Person Decision Problem," Econometrica, Econometric Society, vol. 55(1), pages 69-94, January.
    8. Milgrom, Paul R, 1981. "Rational Expectations, Information Acquisition, and Competitive Bidding," Econometrica, Econometric Society, vol. 49(4), pages 921-43, June.
    9. Haile,P.A., 1999. "Auctions with resale," Working papers 33, Wisconsin Madison - Social Systems.
    10. Bernard Lebrun, 2010. "First-price auctions with resale and with outcomes robust to bid disclosure," RAND Journal of Economics, RAND Corporation, vol. 41(1), pages 165-178.
    11. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    12. Rod Garrat & Thomas Tröger, 2005. "Speculation in Standard Auctions with Resale," Bonn Econ Discussion Papers bgse10_2005, University of Bonn, Germany.
    13. Harrison Cheng & Guofu Tan, 2010. "Asymmetric common-value auctions with applications to private-value auctions with resale," Economic Theory, Springer, vol. 45(1), pages 253-290, October.
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    Cited by:
    1. Ding, Wei & Fan, Cuihong & Wolfstetter, Elmar G., 2013. "Horizontal mergers with synergies: Cash vs. profit-share auctions," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 382-391.
    2. Che, XiaoGang & Lee, Peter & Yang, Yibai, 2013. "The Impact of Resale on Entry in Second Price Auctions," Working Papers 2013-6, University of Alberta, Department of Economics.
    3. Todd R. Kaplan & Shmuel Zamir, 2014. "Advances in Auctions," Discussion Paper Series dp662, The Center for the Study of Rationality, Hebrew University, Jerusalem.

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