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Sequential equilibria of asymmetric ascending auctions: The case of log-normal distributions

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  • Robert Wilson

    ()
    (Business School, Stanford University, Stanford, CA 94305-5015, USA)

Abstract

The sequential equilibrium of an ascending-price auction of a single item is derived explicitly for the case of log-normal distributions and a multiplicative valuation model comprising both common and private factors, and allowing asymmetries. If the prior distribution on the common factors is diffuse, or of the form obtained by Bayesian updating from a diffuse prior distribution, then the equilibrium strategies are log-linear with coefficients obtained by solving a set of linear equations. A similar construction applies to normal distributions and additive terms in the valuation model. An example illustrates the predictions derived from the model.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 12 (1998)
Issue (Month): 2 ()
Pages: 433-440

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Handle: RePEc:spr:joecth:v:12:y:1998:i:2:p:433-440

Note: Received: December 11, 1996; revised version: July 15, 1997
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Cited by:
  1. Athey,S. & Haile,P.A., 2000. "Identification of standard auction models," Working papers 13, Wisconsin Madison - Social Systems.
  2. Haile, Philip A., 2003. "Auctions with private uncertainty and resale opportunities," Journal of Economic Theory, Elsevier, vol. 108(1), pages 72-110, January.
  3. Dubra, Juan & Echenique, Federico & Manelli, Alejandro M., 2009. "English auctions and the Stolper-Samuelson theorem," Journal of Economic Theory, Elsevier, vol. 144(2), pages 825-849, March.
  4. Hill, Jonathan B. & Shneyerov, Artyom, 2013. "Are there common values in first-price auctions? A tail-index nonparametric test," Journal of Econometrics, Elsevier, vol. 174(2), pages 144-164.
  5. Jonathan B. Hill & Artyom Shneyerov, 2009. "Are There Common Values in BC Timber Sales? A Tail-Index Nonparametric Test," Working Papers 09003, Concordia University, Department of Economics.
  6. Echenique, Federico & Manelli, Alejandro M., 2003. "Comparative Statics, English Auctions, and the Stolper-Samuelson Theorem," Working Papers 1178, California Institute of Technology, Division of the Humanities and Social Sciences.
  7. Han Hong & Matthew Shum, 2001. "Econometric Models of Asymmetric Ascending Auctions," Economics Working Paper Archive 453, The Johns Hopkins University,Department of Economics.
  8. Li, Tong & Perrigne, Isabelle & Vuong, Quang, 2000. "Conditionally independent private information in OCS wildcat auctions," Journal of Econometrics, Elsevier, vol. 98(1), pages 129-161, September.
  9. M. Yenmez, 2014. "Pricing in position auctions and online advertising," Economic Theory, Springer, vol. 55(1), pages 243-256, January.

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