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The Unique-lowest Sealed-bid Auction

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Author Info
Harold Houba () (VU University Amsterdam)
Dinard van der Laan () (VU University Amsterdam)
Dirk Veldhuizen () (VU University Amsterdam)

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Abstract

Unique-lowest sealed-bid auctions are auctions in which participation is endogenous and the winning bid is the lowest bid among all unique bids. Such auctions admit very many Nash equilibria (NEs) in pure and mixed strategies. The two-bidders' auction is similar to the Hawk-Dove game, which motivates to study symmetric NEs: Properties and comparative statics are derived and the symmetric NE with the lowest expected gains is the maximin in symmetric strategies, which allows computation through a mathematical program. Simulations provide numerical evidence that the symmetric NE with the lowest expected gains is the unique limit point of the replicator dynamics.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 08-049/1.

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Date of creation: 16 May 2008
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Handle: RePEc:dgr:uvatin:20080049

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Web page: http://www.tinbergen.nl/

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Related research
Keywords: Auctions; Sealed-Bid Auction; Evolutionary Stability; Endogenous Entry; Maximin;

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Find related papers by JEL classification:
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism

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  1. Roger B. Myerson, 1998. "Population uncertainty and Poisson games," International Journal of Game Theory, Springer, vol. 27(3), pages 375-392. [Downloadable!] (restricted)
    Other versions:
  2. Robert Ostling & Joseph T Wang & Eileen Chou & Colin F Camerer, 2007. "Field and Lab Convergence in Poisson LUPI games," Levine's Bibliography 122247000000001530, UCLA Department of Economics. [Downloadable!]
  3. Becker, Johannes Gerd & Damianov, Damian S., 2006. "On the existence of symmetric mixed strategy equilibria," Economics Letters, Elsevier, vol. 90(1), pages 84-87, January. [Downloadable!] (restricted)
  4. Maciej Bukowski & Jacek Miekisz, 2004. "Evolutionary and asymptotic stability in symmetric multi-player games," International Journal of Game Theory, Springer, vol. 33(1), pages 41-54, January. [Downloadable!] (restricted)
  5. Myerson, Roger B., 2000. "Large Poisson Games," Journal of Economic Theory, Elsevier, vol. 94(1), pages 7-45, September. [Downloadable!] (restricted)
    Other versions:
    • Roger B. Myerson, 1997. "Large Poisson Games," Discussion Papers 1189, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  6. Raviv, Yaron & Virag, Gabor, 2009. "Gambling by auctions," International Journal of Industrial Organization, Elsevier, vol. 27(3), pages 369-378, May. [Downloadable!] (restricted)
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This page was last updated on 2009-11-19.

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