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Optimal auction with a general distribution: virtual valuation without densities

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Author Info
Svaiter, Benar Fux
Monteiro, Paulo Klinger

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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 Graduate School of Economics, 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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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. Page Jr., Frank H., 1998. "Existence of optimal auctions in general environments," Journal of Mathematical Economics, Elsevier, vol. 29(4), pages 389-418, May. [Downloadable!] (restricted)
  2. Olszewski, Wojciech & Chung, Kim-Sau, 2007. "A non-differentiable approach to revenue equivalence," Theoretical Economics, Society for Economic Theory, vol. 2(4), pages 469-487, December. [Downloadable!]
  3. 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. [Downloadable!] (restricted)
  4. Mussa, Michael & Rosen, Sherwin, 1978. "Monopoly and product quality," Journal of Economic Theory, Elsevier, vol. 18(2), pages 301-317, August. [Downloadable!] (restricted)
  5. Che, Yeon-Koo & Gale, Ian, 2006. "Revenue Comparisons for Auctions When Bidders Have Arbitrary Types," MPRA Paper 6102, University Library of Munich, Germany. [Downloadable!]
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  1. Monteiro, Paulo Klinger, 2007. "Abstract types and distributions in independent private value auctions," Economics Working Papers (Ensaios Economicos da EPGE) 643, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
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