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Computationally Convenient Distributional Assumptions for Common-Value Auctions

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Gordy, Michael B

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Abstract

Although the mathematical foundations of common-value auctions have been well understood since Milgrom and Weber (1982), equilibrium bidding strategies are computationally complex. Very few calculated examples can be found in the literature, and only for highly specialized cases. This paper introduces two sets of distributional assumptions that are flexible enough for theoretical and empirical applications, yet permit straightforward calculation of equilibrium bidding strategies. Citation Copyright 1998 by Kluwer Academic Publishers.

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Article provided by Springer in its journal Computational Economics.

Volume (Year): 12 (1998)
Issue (Month): 1 (August)
Pages: 61-78
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Handle: RePEc:kap:compec:v:12:y:1998:i:1:p:61-78

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June. [Downloadable!] (restricted)
  2. Laffont, Jean-Jacques & Vuong, Quang, 1993. "Structural econometric analysis of descending auctions," European Economic Review, Elsevier, vol. 37(2-3), pages 329-341, April. [Downloadable!] (restricted)
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  3. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer. [Downloadable!] (restricted)
  4. Engelbrecht-Wiggans & Robert J. Weber, 1979. "On the Non-Existence of Multiplicative Equilibrium Bidding Strategies," Cowles Foundation Discussion Papers 523, Cowles Foundation, Yale University. [Downloadable!]
  5. Levin, Dan & Smith, James L, 1991. "Some Evidence on the Winner's Curse: Comment," American Economic Review, American Economic Association, vol. 81(1), pages 370-75, March. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Horowitz, John K. & Lynch, Lori & Stocking, Andrew, 2007. "Competition-Based Environmental Policy: An Analysis of Farmland Preservation in Maryland," Working Papers 7340, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
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