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The Herodotus Paradox

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  • Michael R. Baye

    (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)

  • Dan Kovenock

    (Department of Economics, Tippie College of Business, University of Iowa)

  • Casper G. de Vries

    (Tinbergen Institute and Erasmus University Rotterdam)

Abstract

The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete information, and in so doing identify what we call the “Herodotus Paradox.”

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File URL: http://www.bus.indiana.edu/riharbau/RePEc/iuk/wpaper/bepp2010-16-baye-kovenock-devries.pdf
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Paper provided by Indiana University, Kelley School of Business, Department of Business Economics and Public Policy in its series Working Papers with number 2010-16.

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Date of creation: Jul 2010
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Handle: RePEc:iuk:wpaper:2010-16

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References

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  1. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2008. "Contests with Rank-Order Spillovers," Working Papers 2008-20, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
  2. Maskin, Eric S & Riley, John G, 1984. "Optimal Auctions with Risk Averse Buyers," Econometrica, Econometric Society, vol. 52(6), pages 1473-1518, November.
  3. Sugato Bhattacharyya & Barton L. Lipman, 1992. "Ex Ante versus Interim rationality and the existence of bubbles," Working Papers 851, Queen's University, Department of Economics.
  4. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
  5. John G. Riley & William Samuelson, 1979. "Optimal Auctions," UCLA Economics Working Papers 152, UCLA Department of Economics.
  6. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2010. "The Herodotus Paradox," Tinbergen Institute Discussion Papers 10-090/2, Tinbergen Institute.
  7. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2010. "The Herodotus Paradox," Tinbergen Institute Discussion Papers 10-090/2, Tinbergen Institute.
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  1. An analysis of the oldest auction in history
    by Economic Logician in Economic Logic on 2011-01-05 15:52:00
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Cited by:
  1. Michael R. Baye & Dan Kovenock J. & Casper De Vries, 2010. "The Herodotus Paradox," CESifo Working Paper Series 3135, CESifo Group Munich.

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