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Informational Size and Efficient Auctions

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  • Richard McLean
  • Andrew Postlewaite

Abstract

We develop an auction model for the case of interdependent values and multidimensional signals in which agents' signals are correlated. We provide conditions under which a modification of the Vickrey auction which includes payments to the bidders will result in an ex post efficient outcome. Furthermore, we provide a definition of informational size such that the necessary payments to bidders will be arbitrarily small if agents are sufficiently informationally small. Copyright 2004, Wiley-Blackwell.

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File URL: http://hdl.handle.net/10.1111/j.1467-937X.2004.00305.x
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Bibliographic Info

Article provided by Oxford University Press in its journal The Review of Economic Studies.

Volume (Year): 71 (2004)
Issue (Month): 3 ()
Pages: 809-827

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Handle: RePEc:oup:restud:v:71:y:2004:i:3:p:809-827

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  1. Richard McLean & Andrew Postlewaite, . "Informational Size and Incentive Compatibility," Penn CARESS Working Papers, Penn Economics Department 7f6ff09d59945e06909ce4fa4, Penn Economics Department.
  2. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, Econometric Society, vol. 50(5), pages 1089-1122, September.
  3. Jeroen M. Swinkels & Wolfgang Pesendorfer, 2000. "Efficiency and Information Aggregation in Auctions," American Economic Review, American Economic Association, American Economic Association, vol. 90(3), pages 499-525, June.
  4. Partha Dasgupta & Eric Maskin, 2000. "Efficient Auctions," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 115(2), pages 341-388, May.
  5. McAfee, R Preston & Reny, Philip J, 1992. "Correlated Information and Mechanism Design," Econometrica, Econometric Society, Econometric Society, vol. 60(2), pages 395-421, March.
  6. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, Elsevier, vol. 39(1), pages 14-33, June.
  7. Richard P. McLean & Andrew Postlewaite, 2006. "Implementation with Interdependent Valuations," Levine's Bibliography 122247000000001242, UCLA Department of Economics.
  8. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, Econometric Society, vol. 53(2), pages 345-61, March.
  9. Motty Perry & Philip J. Reny, 2002. "An Efficient Auction," Econometrica, Econometric Society, Econometric Society, vol. 70(3), pages 1199-1212, May.
  10. Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, Econometric Society, vol. 56(6), pages 1247-57, November.
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