A Note on Log Concave Survivor Functions in Auctions
AbstractIn a standard English auction in which bidders’ valuations are independently drawn from a common distribution, a standard regularity condition is that the survivor function of the distribution be log concave. In an auction where the seller sets a fixed price, the equivalent condition requires log concavity of a survivor function derived from the primitive distribution. In this note we show that log concavity of the primitive survivor function implies log concavity in the derived functions. This result is of interest when studying on-line auctions that combined aspects of fixed-price and English auctions.
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Bibliographic InfoPaper provided by University of Canterbury, Department of Economics and Finance in its series Working Papers in Economics with number 10/17.
Length: 11 pages
Date of creation: 27 Apr 2010
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English Auction; Log Concavity; Survivor Function;
Find related papers by JEL classification:
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
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- Lebrun, Bernard, 2006. "Uniqueness of the equilibrium in first-price auctions," Games and Economic Behavior, Elsevier, vol. 55(1), pages 131-151, April.
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