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On some collusive and signaling equilibria in ascending auctions for multiple objects

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Author Info
LOVO, Stefano
ALBANO, Gian Luigi (ELSE and Department of Economics, University College London)
GERMANO, Fabrizio (Departamento d'Economia i Empresa, Universitat Pompeu Fabra)

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Abstract

We consider two ascending auctions for multiple objects: the SEAMO (simultaneous English auction for multiple objects) and the the JAMO (Japanese auction for multiple objects). We first derive a (competitive) Perfect Bayesian Equilibrium of the JAMO by exploiting the strategic equivalence between the JAMO and the Survival Auction which consists of a finite sequence of sealed-bid auctions. Then, we prove that many of the (unwanted) collusive or signaling equilibria studied in the literature in the framework of the SEAMO do not have a counterpart in the JAMO. However, it is shown that certain collusive equilibria based on retaliatory strategies do exist in both auctions.

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Publisher Info
Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 765.

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Length: 28 pages
Date of creation: 01 Sep 2002
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Handle: RePEc:ebg:heccah:0765

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Related research
Keywords: Multi-unit auctions; Ascending auctions; FCC auctions; Collusion; Retaliation;

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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  1. David McAdams, 2003. "Isotone Equilibrium in Games of Incomplete Information," Econometrica, Econometric Society, vol. 71(4), pages 1191-1214, 07. [Downloadable!] (restricted)
  2. Cramton, Peter & Schwartz, Jesse A, 2000. "Collusive Bidding: Lessons from the FCC Spectrum Auctions," Journal of Regulatory Economics, Springer, vol. 17(3), pages 229-52, May. [Downloadable!] (restricted)
    Other versions:
  3. Vijay Krishna & Robert Rosenthal, 1995. "Simultaneous Auctions with Synergies," Game Theory and Information 9503004, EconWPA. [Downloadable!]
    Other versions:
  4. Paul R. Milgrom, 1985. "Auction Theory," Cowles Foundation Discussion Papers 779, Cowles Foundation, Yale University. [Downloadable!]
  5. ALBANO, Gian Luigi & GERMANO, Fabrizio & LOVO, Stefano, 1999. "A comparison of standard multi-unit auctions with synergies," CORE Discussion Papers 1999052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
    Other versions:
  6. Anthony M. Kwasnica & Katerina Sherstyuk, 2001. "Collusion via Signaling in Multiple Object Auctions with Complementarities- An Experimental Test," Working Papers 200102, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  7. Ruqu Wang & Alan Gunderson, 1998. "Signally by Jump Bidding in Private Value Auctions," Working Papers 975, Queen's University, Department of Economics. [Downloadable!]
  8. Peter Cramton, 2002. "Spectrum Auctions," Papers of Peter Cramton 01hte, University of Maryland, Department of Economics - Peter Cramton, revised 16 Jul 2001. [Downloadable!]
  9. Avery, Christopher, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Blackwell Publishing, vol. 65(2), pages 185-210, April. [Downloadable!] (restricted)
  10. Athey, Susan, 2001. "Single Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information," Econometrica, Econometric Society, vol. 69(4), pages 861-89, July.
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  11. Milgrom, Paul, 1998. "Game theory and the spectrum auctions," European Economic Review, Elsevier, vol. 42(3-5), pages 771-778, May. [Downloadable!] (restricted)
  12. McAfee, R Preston & McMillan, John, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-75, Winter. [Downloadable!] (restricted)
  13. Klemperer, Paul, 1998. "Auctions with almost common values: The 'Wallet Game' and its applications," European Economic Review, Elsevier, vol. 42(3-5), pages 757-769, May. [Downloadable!] (restricted)
  14. Peter Cramton, 1998. "Ascending Auctions," Papers of Peter Cramton 98eer, University of Maryland, Department of Economics - Peter Cramton, revised 28 Jul 1998. [Downloadable!]
    Other versions:
  15. Professor Paul Klemperer, 2000. "What Really Matters in Auction Design," Microeconomics 0004008, EconWPA. [Downloadable!]
    Other versions:
  16. Sandro Brusco & Giuseppe Lopomo, 1999. "Collusion via Signalling in Open Ascending Auctions with Multiple Objects and Complementarities," Working Papers 99-05, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
  17. Peter Cramton & Jesse Schwartz, 2000. "Collusive Bidding in the FCC Spectrum Auctions," Econometric Society World Congress 2000 Contributed Papers 1210, Econometric Society. [Downloadable!]
    Other versions:
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