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Optimal auction with a general distribution: virtual valuation without densities

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  • Svaiter, Benar Fux
  • Monteiro, Paulo Klinger

Abstract

We characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalizedvirtual valuation. To show the wider applicability of this concept we present twoexamples showing how to extend the classical models of Mussa and Rosen and Baron andMyerson for arbitrary distributions.

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Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 681.

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Date of creation: 25 Nov 2008
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Handle: RePEc:fgv:epgewp:681

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  1. Page Jr., F.H., 1997. "Existence of Optimal Auctions in General Environments," Discussion Paper 1997-28, Tilburg University, Center for Economic Research.
  2. Yeon-Koo Che & Ian Gale, 2005. "Revenue comparisons for auctions when bidders have arbitrary types," Discussion Papers 0506-03, Columbia University, Department of Economics.
  3. J. Riley & E. Maskin, 1981. "Optimal Auctions with Risk Averse Buyers," Working papers 311, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. John G. Riley & William Samuelson, 1979. "Optimal Auctions," UCLA Economics Working Papers 152, UCLA Department of Economics.
  5. Subir Bose & Arup Daripa, 2009. "Optimal sale across venues and auctions with a buy-now option," Economic Theory, Springer, vol. 38(1), pages 137-168, January.
  6. David P. Baron & Roger B. Myerson, 1979. "Regulating a Monopolist with Unknown Costs," Discussion Papers 412, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Olszewski, Wojciech & Chung, Kim-Sau, 2007. "A non-differentiable approach to revenue equivalence," Theoretical Economics, Econometric Society, vol. 2(4), December.
  8. Mussa, Michael & Rosen, Sherwin, 1978. "Monopoly and product quality," Journal of Economic Theory, Elsevier, vol. 18(2), pages 301-317, August.
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Cited by:
  1. L. Elisa Celis & Gregory Lewis & Markus Mobius & Hamid Nazerzadeh, 2011. "Buy-it-now or Take-a-chance: A New Pricing Mechanism for Online Advertising," Working Papers 11-21, NET Institute, revised Nov 2011.
  2. Paulo Monteiro, 2009. "Abstract types and distributions in independent private value auctions," Economic Theory, Springer, vol. 40(3), pages 497-507, September.
  3. Spiros Bougheas & Tim Worrall, 2001. "Cost Padding in Regulated Monopolies," Keele Department of Economics Discussion Papers (1995-2001) 2001/07, Department of Economics, Keele University, revised Nov 2001.

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