This paper considers a uniform-price auction in which each of n symmetric bidders can place, say, M bids. Each bidder has privately known, decreasing marginal values from an arbitrary M -dimensional distribution. We provide a quantile-type description of the asymptotic price that appropriately generalizes the characterization of the unit-demand asymptotic price. Specifically, the limiting price equals the $ (1-\alpha )$-th quantile of the “average” of the marginal distributions if a fraction $\alpha $ of the demand is met asymptotically. The result also implies that the expected price in the limit as n becomes large depends only on the aggregate of the marginal distributions of each bidder’s marginal values (and not on the correlation between the marginal values). Copyright Springer-Verlag Berlin/Heidelberg 2005
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Article provided by Springer in its journal Economic Theory.
Volume (Year): 26 (2005) Issue (Month): 4 (November) Pages: 983-987 Download reference. The following formats are available: HTML
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