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Nash Equilibria in a Sealed Bid Auction

Author

Listed:
  • Benjamin T. Smith

    (Ecole Polytechnique de Montreal)

  • James H. Case

    (The Johns Hopkins University)

Abstract

The sealed bid auction with two bidders is regarded as a two-person variable sum game. Under perfect information a class of one-parameter distributions emerges as being "best" strategies for either bidder. Under imperfect information, approximations to these strategies lead to Nash equilibrium strategies for both players which are relatively insensitive to unilateral deviation by either of the bidders.

Suggested Citation

  • Benjamin T. Smith & James H. Case, 1975. "Nash Equilibria in a Sealed Bid Auction," Management Science, INFORMS, vol. 22(4), pages 487-497, December.
    • Handle: RePEc:inm:ormnsc:v:22:y:1975:i:4:p:487-497
    DOI: 10.1287/mnsc.22.4.487
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    Cited by:

    1. Michael H. Rothkopf & Ronald M. Harstad & Yuhong Fu, 2003. "Is Subsidizing Inefficient Bidders Actually Costly?," Management Science, INFORMS, vol. 49(1), pages 71-84, January.

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