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Existence of Equilibrium in Auctions and Discontinuous Bayesian Games: Endogenous and Incentive Compatibility Sharing Rules

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  • Jackson, Matthew O.
  • Swinkels, Jeroen M.

Abstract

We consider discontinuous games with incomplete information. Auctions are a leading example. With standard tie breaking rules (or more generally, sharing rules), these games may not have equilibria. We consider sharing rules that depend on the private information of players. We show that there exists an equilibrium of an augmented game with an incentive compatible sharing rule in which players reveal their private information for the purpose of determining sharing. We also show that for a large class of private value auctions, ties never occur in the equilibrium of the augmented game. This establishes existence of equilibria in such auctions with standard tie breaking rules.

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Bibliographic Info

Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1075.

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Length: 54 pages
Date of creation: Nov 1999
Date of revision:
Publication status: Published:
Handle: RePEc:clt:sswopa:1075

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
Phone: 626 395-4065
Fax: 626 405-9841
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Web page: http://www.hss.caltech.edu/ss

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Related research

Keywords: Bayesian Games; Existence; Equilibrium; Endogenous Sharing; Tie Breaking; Auctions.;

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