Simultaneous Auctions with Synergies
AbstractMotivated by recent auctions of licenses for the radio frequency spec trum, we consider situations where multiple objects are auctioned simultaneousl y by means of a second-price, sealed-bid auction. For some buyers, called globa l bidders, the value of multiple objects exceeds the sum of the objects' values separately. Others, called local bidders, are interested in only one object. I n a simple independent private values setting, we (a) characterize an equilibri um that is symmetric among the global bidders; (b) show that the addition of bi dders often leads to less aggressive bidding; and (c) compare the revenues obta ined from the simultaneous auction to those from its sequential counterpart.
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Bibliographic InfoPaper provided by Boston University - Industry Studies Programme in its series Papers with number 0056.
Date of creation: Mar 1995
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Postal: Boston University, Industry Studies Program; Department of Economics, 270 Bay Road, Boston, Massachusetts 02215.
Web page: http://www.bu.edu/econ/isp/
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- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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- Krishna, Vijay & Morgan, John, 1997.
"An Analysis of the War of Attrition and the All-Pay Auction,"
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"A multiple-object auction with superadditive values,"
Elsevier, vol. 34(4), pages 323-328, December.
- repec:att:wimass:9318 is not listed on IDEAS
- John McMillan, 1994. "Selling Spectrum Rights," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 145-162, Summer.
- Krishna, K., 1990.
"Auctions with Endogenous Valuations: The Persistence of Monopoly Revisited,"
472, Stockholm - International Economic Studies.
- Krishna, Kala, 1993. "Auctions with Endogenous Valuations: The Persistence of Monopoly Revisited," American Economic Review, American Economic Association, vol. 83(1), pages 147-60, March.
- Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
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