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A Note on Optimal Auctions

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  • Vasiliki Skreta
  • Nicolas Figueroa

Abstract

This paper considers a general optimal auction problem, with many goods and with a buyer’s utility that can depend non-linearly in his type. We point out that incentive compatibility constraints may be binding even if virtual utilities are strictly increasing in the buyer’s type. More importantly, optimal mechanisms may involve randomizations between different allocations.

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File URL: http://www.econ.ucla.edu/skreta/B.pdf
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Bibliographic Info

Paper provided by UCLA Department of Economics in its series Levine's Bibliography with number 843644000000000232.

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Date of creation: 22 Jul 2007
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Handle: RePEc:cla:levrem:843644000000000232

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  1. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, American Economic Association, vol. 71(3), pages 381-92, June.
  2. Nicolas Figueroa & Vasiliki Skreta, 2006. "The Role of Outside Options in Auction Design," Levine's Bibliography 321307000000000140, UCLA Department of Economics.
  3. Thanassoulis, John, 2004. "Haggling over substitutes," Journal of Economic Theory, Elsevier, Elsevier, vol. 117(2), pages 217-245, August.
  4. Lollivier, Stefan & Rochet, Jean-Charles, 1983. "Bunching and second-order conditions: A note on optimal tax theory," Journal of Economic Theory, Elsevier, Elsevier, vol. 31(2), pages 392-400, December.
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Cited by:
  1. Vasiliki Skreta, 2008. "On the Informed Seller Problem: Optimal Information Disclosure," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 08-10, New York University, Leonard N. Stern School of Business, Department of Economics.

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