Dissolving a Common Value Partnership in a Repeated 'queto' Game
AbstractWe analyse a common value, alternating ascending bid, first price auction as a repeated game of incomplete information where the bidders hold equal property rights to the object auctioned off. Consequently they can accept (by quitting) or veto any proposed settlement. We characterise the essentially unique, sequentially rational dynamic Bayesian Nash equilibrium of this game under incomplete information on one side and discuss its properties.
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Bibliographic InfoPaper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp318.
Length: 16 pages
Date of creation: May 2003
Date of revision:
repeated games; incomplete information; common value auctions; partnership dissolution;
Find related papers by JEL classification:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- J12 - Labor and Demographic Economics - - Demographic Economics - - - Marriage; Marital Dissolution; Family Structure
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-06-04 (All new papers)
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.:
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Sonderforschungsbereich 504 Publications
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