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Allocative and Informational Externalities in Auctions and Related Mechanisms

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Author Info
Jehiel, Philippe
Moldovanu, Benny

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Abstract

We study the effects of allocative and informational externalities in (multi-object) auctions and related mechanisms. Such externalities naturally arise in models that embed auctions in larger economic contexts. In particular, they appear when there is downstream interaction among bidders after the auction has closed. The endogeneity of valuations is the main driving force behind many new, specific phenomena with allocative externalities: even in complete information settings, traditional auction formats need not be efficient, and they may give rise to multiple equilibria and strategic non-participation. But, in the absence of informational externalities, welfare maximization can be achieved by Vickrey-Clarke- Groves mechanisms. Welfare-maximizing Bayes-Nash implementation is, however, impossible in multi-object settings with informational externalities, unless the allocation problem is separable across objects (e.g. there are no allocative externalities nor complementarities) or signals are one-dimensional. Moreover, implementation of any choice function via ex-post equilibrium is generically impossible with informational externalities and multidimensional types.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5558.

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Date of creation: Mar 2006
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Related research
Keywords: auctions; externalities; interdependent values;

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Find related papers by JEL classification:
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Maarten C.W. Janssen & Vladimir A. Karamychev, 2007. "Do Auctions select Efficient Firms?," Tinbergen Institute Discussion Papers 07-001/1, Tinbergen Institute. [Downloadable!]
  2. Tilman Börgers & Timothy McQuade, 2007. "Information-Invariant Equilibria of Extensive Games," Contributions to Theoretical Economics, Berkeley Electronic Press, vol. 7(1), pages 1409-1409. [Downloadable!] (restricted)
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