Asymptotic Analysis of Large Auctions
AbstractWe 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.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4331.
Date of creation: Mar 2004
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Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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