Inefficient ex-post equilibria in efficient auctions
AbstractI consider a single-object English auction with two asymmetric bidders and show that it has a continuum of inefficient undominated ex-post equilibria. The result extends for the generalized VCG mechanism, Dasgupta-Maskin auction and, generally, for every auction that has an efficient ex-post equilibrium. Copyright Springer-Verlag Berlin Heidelberg 2003
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 22 (2003)
Issue (Month): 3 (October)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Find related papers by JEL classification:
- JEL - Labor and Demographic Economics - - - - -
- Cla - Mathematical and Quantitative Methods - - - - -
- Num - Economic History - - - - -
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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- Bergemann, Dirk & Morris, Stephen, 2008.
"Ex post implementation,"
Games and Economic Behavior,
Elsevier, vol. 63(2), pages 527-566, July.
- Dirk Bergemann & Stephen Morris, 2005. "Ex Post Implementation," Cowles Foundation Discussion Papers 1502, Cowles Foundation for Research in Economics, Yale University.
- Dirk Bergemann & Stephen Morris, 2006. "Ex Post Implementation," Levine's Bibliography 122247000000001110, UCLA Department of Economics.
- Dirk Bergemann & Stephen Morris, 2005. "Ex Post Implementation," Levine's Bibliography 784828000000000018, UCLA Department of Economics.
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