Existence of Equilibria in Auctions with Private Values
AbstractA first-price sealed-bid auction of an item for which bidders are risk-neutral and have privately known values is shown to have an equilibrium in mixed behavioral strategies if the joint distribution of bidders' values has a continuous density on a cubical support. Such an equilibrium has atomless distributions of bids and is not affected by the rule for resolving tied bids.
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Bibliographic InfoPaper provided by Stanford University, Graduate School of Business in its series Research Papers with number 2056.
Date of creation: Feb 2010
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Postal: Stanford University, Stanford, CA 94305-5015
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