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Optimal Bidding with Announcement of the Reservation Price

Author

Listed:
  • Giovanni Walter Puopolo

    (Università "Federico II", Napoli)

Abstract

This paper is aimed at introducing a model of the symmetric Bayes-Nash equilibrium in a FPSB auction, when the auctioneer announces the reservation price known at all bidders. Following the specification of the ways in which the existing literature treats this matter and, in particular Carey (1993), it is established an alternative model based on the “nature’s move” tipical of bayesian games. Finally, in the conclusion, there is a treatment of the difference between the optimal bidding strategy which concludes this work and the one of Carey, after that the data have been made homogeneous for ease of comparison.

Suggested Citation

  • Giovanni Walter Puopolo, 2003. "Optimal Bidding with Announcement of the Reservation Price," Rivista di Politica Economica, SIPI Spa, vol. 93(6), pages 117-130, November-.
    • Handle: RePEc:rpo:ripoec:v:93:y:2003:i:6:p:117-130
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    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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