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English auctions and the Stolper-Samuelson theorem

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  • Dubra, Juan
  • Echenique, Federico
  • Manelli, Alejandro M.

Abstract

We prove that the English auction (with bidders that need not be ex ante identical and may have interdependent valuations) has an efficient ex post equilibrium. We establish this result for environments where it has not been previously obtained. We also prove two versions of the Stolper-Samuelson theorem, one for economies with n goods and n factors, and one for non-square economies. Similar assumptions and methods underlie these seemingly unrelated results.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 144 (2009)
Issue (Month): 2 (March)
Pages: 825-849

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Handle: RePEc:eee:jetheo:v:144:y:2009:i:2:p:825-849

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Web page: http://www.elsevier.com/locate/inca/622869

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Keywords: Auction theory International trade Monotone comparative statics Global univalence;

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References

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  1. Chipman, John S, 1969. "Factor Price Equalization and the Stolper-Samuelson Theorem," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 399-406, October.
  2. Robert Wilson, 1998. "Sequential equilibria of asymmetric ascending auctions: The case of log-normal distributions," Economic Theory, Springer, vol. 12(2), pages 433-440.
  3. Ethier, Wilfred J., 1984. "Higher dimensional issues in trade theory," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 1, chapter 3, pages 131-184 Elsevier.
  4. Birulin, Oleksii & Izmalkov, Sergei, 2011. "On efficiency of the English auction," Journal of Economic Theory, Elsevier, vol. 146(4), pages 1398-1417, July.
  5. Krishna, Vijay, 2003. "Asymmetric English auctions," Journal of Economic Theory, Elsevier, vol. 112(2), pages 261-288, October.
  6. 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.
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Citations

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Cited by:
  1. Oleksii Birulin & Sergei Izmalkov, 2009. "On Effciency of the English Auction," Working Papers w0139, Center for Economic and Financial Research (CEFIR).
  2. repec:hal:wpaper:halshs-00575076 is not listed on IDEAS
  3. Marisa Bucheli & Máximo Rossi, 2003. "El grado de conformidad con la vida: evidencia para las mujeres del Gran Montevideo," Documentos de Trabajo (working papers) 1003, Department of Economics - dECON.
  4. Federico Echenique & Alejandro Manelli, 2003. "Comparative Statics, English Auctions and the Stolper-Samuelson Theorem," Documentos de Trabajo (working papers) 0503, Department of Economics - dECON.
  5. Maximo Rossi & Carlos Casacuberta & Ianina Rossi, 2004. "El arte y el éxito: un matrimonio incómodo," Microeconomics 0409004, EconWPA.
  6. Maximo Rossi & Cecilia Gonzalez, 2004. "Participación femenina en el mercado de trabajo: efectos sobre la distribución del ingreso en el Uruguay," Labor and Demography 0409008, EconWPA.
  7. Laurent Lamy, 2009. "Ascending auctions: some impossibility results and their resolutions with final price discounts," PSE Working Papers halshs-00575076, HAL.
  8. Andrés Pereyra, 2003. "Competencia en telefonía móvil en Uruguay: diseño de subastas, contratos y marco institucional," Documentos de Trabajo (working papers) 0103, Department of Economics - dECON.

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