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The set of equilibria of first-price auctions

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  • Monteiro, Paulo Klinger

Abstract

In this note I show that pratically any increasing function is the equilibrium bidding function of a symmetric first-price auction. It is like a Sonnenschein-Mantel-Debreu for auctions

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 42 (2006)
Issue (Month): 3 (June)
Pages: 364-372

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Handle: RePEc:eee:mateco:v:42:y:2006:i:3:p:364-372

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Web page: http://www.elsevier.com/locate/jmateco

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  1. Costa, Cristiano M. & Ferreira, Daniel & Moreira, Humberto, 2005. "Biased managers, organizational design, and incentive provision," Economics Letters, Elsevier, Elsevier, vol. 86(3), pages 379-385, March.
  2. Monteiro, Paulo Klinger & Araújo, Aloísio Pessoa de & Martins-da-Rocha, Victor Filipe, 2003. "Equilibria in security markets with a continuum of agents," Economics Working Papers (Ensaios Economicos da EPGE) 513, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  3. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, Elsevier, vol. 7(3), pages 348-353, March.
  4. J. Riley & E. Maskin, 1981. "Optimal Auctions with Risk Averse Buyers," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 311, Massachusetts Institute of Technology (MIT), Department of Economics.
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  7. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 1(1), pages 15-21, March.
  8. Barbosa, Fernando de Holanda, 2004. "Inflação: Inércia e Déficit Público," Economics Working Papers (Ensaios Economicos da EPGE) 533, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  9. Leonardo Souza & Jeremy Smith & Reinaldo Souza, 2006. "Convex combinations of long memory estimates from different sampling rates," Computational Statistics, Springer, Springer, vol. 21(3), pages 399-413, December.
  10. Assunção, Juliano Junqueira & Moreira, Humberto Ataíde, 2004. "Land taxes in a Latin American context," Economics Working Papers (Ensaios Economicos da EPGE) 526, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  11. Wilson, Robert, 1977. "A Bidding Model of Perfect Competition," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(3), pages 511-18, October.
  12. Emmanuel Guerre & Isabelle Perrigne & Quang Vuong, 2000. "Optimal Nonparametric Estimation of First-Price Auctions," Econometrica, Econometric Society, Econometric Society, vol. 68(3), pages 525-574, May.
  13. Souza, Leonardo Rocha, 2003. "A note on Chambers's "long memory and aggregation in macroeconomic time series"," Economics Working Papers (Ensaios Economicos da EPGE) 503, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  14. Khan, M. Ali, 2003. "On choice of technique in the Robinson-Solow-Srinivasan model," Economics Working Papers (Ensaios Economicos da EPGE) 504, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  15. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, Econometric Society, vol. 40(3), pages 549-63, May.
  16. Maskin, Eric & Riley, John, 2003. "Uniqueness of equilibrium in sealed high-bid auctions," Games and Economic Behavior, Elsevier, Elsevier, vol. 45(2), pages 395-409, November.
  17. Neri, Marcelo Cortes & Soares, Wagner Lopes, 2003. "Idade, Incapacidade e a Inflação do Número de Pessoas com Deficiência," Economics Working Papers (Ensaios Economicos da EPGE) 490, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
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