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Dissolving a Common Value Partnership in a Repeated 'queto' Game

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  • Paul Schweinzer

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Abstract

We 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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File URL: http://ratio.huji.ac.il/sites/default/files/publications/dp318.pdf
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Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp318.

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Length: 16 pages
Date of creation: May 2003
Date of revision:
Handle: RePEc:huj:dispap:dp318

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Keywords: repeated games; incomplete information; common value auctions; partnership dissolution;

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  1. Solan, Eilon & Vieille, Nicolas, 2001. "Quitting Games," Economics Papers from University Paris Dauphine 123456789/6017, Paris Dauphine University.
  2. Kittsteiner, Thomas, 2003. "Partnerships and double auctions with interdependent valuations," Games and Economic Behavior, Elsevier, vol. 44(1), pages 54-76, July.
  3. Geanakoplos, John, 1994. "Common knowledge," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 40, pages 1437-1496 Elsevier.
  4. Mertens, J.-F., 1986. "Repeated games," CORE Discussion Papers 1986024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Benny Moldovanu, 2002. "How to Dissolve a Partnership," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(1), pages 66-, March.
  6. Neeman, Zvika, 1999. "Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 679-91, July.
  7. Eilon Solan & Nicolas Vieille, 1998. "Quitting Games," Discussion Papers 1227, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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