Optimal auction with a general distribution: Virtual valuation without densities
AbstractWe characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalized virtual valuation. To show the wider applicability of this concept we present two examples showing how to extend the classical models of Mussa and Rosen and Baron and Myerson for arbitrary distributions.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 46 (2010)
Issue (Month): 1 (January)
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Optimal auction Independent private values Virtual valuation Ironing;
Other versions of this item:
- Svaiter, Benar Fux & Monteiro, Paulo Klinger, 2008. "Optimal auction with a general distribution: virtual valuation without densities," Economics Working Papers (Ensaios Economicos da EPGE) 681, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
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