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Asymptotic Analysis of Large Auctions

Author

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  • Sela, Aner
  • Gavious, Arieh
  • Fibich, Gadi

Abstract

We study private-value auctions with a large number of bidders. We calculate approximations of the equilibrium bids and the seller's revenue in first-price auctions regardless of whether the bidders are symmetric or asymmetric, or risk-neutral or risk-averse. Furthermore, we show that first-price auctions with asymmetric bidders, or risk-averse bidders, are asymptotically revenue equivalent to wide classes of standard auctions.

Suggested Citation

  • Sela, Aner & Gavious, Arieh & Fibich, Gadi, 2004. "Asymptotic Analysis of Large Auctions," CEPR Discussion Papers 4331, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:4331
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    More about this item

    Keywords

    Asymptotic methods; Asymmetric auctions; Revenue equivalence; Collusion; Large auctions; Risk-averse bidders;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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