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On Effciency of the English Auction

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  • Oleksii Birulin

    ()
    (University of Sydney)

  • Sergei Izmalkov

    ()
    (New Economic School)

Abstract

We study efficiency properties of the irrevocable exit English auction in a setting with interdependent values. Maskin (1992) shows that the pairwise single-crossing condition is sufficient for efficiency of the English auction with two bidders and suggests that it is also a necessary condition. This paper clarifies and extends Maskin's results to the case of N bidders. We introduce the generalized single crossing condition - a fairly intuitive extension of the pairwise single-crossing condition - and prove that it is essentially a necessary and sufficient condition for the existence of an efficient equilibrium of the N-bidder English auction.

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Bibliographic Info

Paper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0139.

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Length: 28 pages
Date of creation: Nov 2009
Date of revision:
Handle: RePEc:cfr:cefirw:w0139

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Keywords: English auction; efficient auction; ex post equilibrium; singlecrossing; interdependent values.;

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  1. Partha Dasgupta & Eric Maskin, 2000. "Efficient Auctions," The Quarterly Journal of Economics, MIT Press, vol. 115(2), pages 341-388, May.
  2. Krishna, Vijay, 2003. "Asymmetric English auctions," Journal of Economic Theory, Elsevier, vol. 112(2), pages 261-288, October.
  3. Porter, Robert H, 1995. "The Role of Information in U.S. Offshore Oil and Gas Lease Auctions," Econometrica, Econometric Society, vol. 63(1), pages 1-27, January.
  4. Jehiel, Phillipe & Moldovanu, Benny, 1999. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 99-74, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  5. Motty Perry & Philip J. Reny, 2002. "An Efficient Auction," Econometrica, Econometric Society, vol. 70(3), pages 1199-1212, May.
  6. Dubra, Juan & Echenique, Federico & Manelli, Alejandro, 2007. "English auctions and the Stolper-Samuelson theorem," MPRA Paper 8218, University Library of Munich, Germany.
  7. Kirchkamp, Oliver & Moldovanu, Benny, 2000. "An experimental analysis of auctions with interdependent valuations," Sonderforschungsbereich 504 Publications 00-10, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  8. repec:wop:humbsf:2000-72 is not listed on IDEAS
  9. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
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Citations

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Cited by:
  1. Michael Peters & Sergei Severinov, 2008. "An ascending double auction," Economic Theory, Springer, vol. 37(2), pages 281-306, November.
  2. Dirk Bergemann & Stephen Morris, 2006. "Robust Implementation: The Case of Direct Mechanisms," Levine's Bibliography 122247000000001194, UCLA Department of Economics.
  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. Barry O'Neill, 2006. "Nuclear Weapons and National Prestige," Cowles Foundation Discussion Papers 1560, Cowles Foundation for Research in Economics, Yale University.
  5. Sergei Izmalkov, 2004. "Multi-Unit Open Ascending Price Efficient Auction," Working Papers 2004.91, Fondazione Eni Enrico Mattei.

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