Continuity of the First Price Auction Nash Equilibrium Correspondance
AbstractDespite the complexity of the first price auction in the general asymmetric case, analytical results have started to emerge in the literature. Authors have searched to gain insights by computing numerical estimates of the equilibria for some particular probability distributions of the valuations. This paper proves that the Nash equilibrium of the first price auction depends continuously, for the weak topology, on the valuation distributions and thus brings robustness to the numerical results as well as some theoretical results. As an example of application, we disprove a conjecture of comparative statics.
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Bibliographic InfoPaper provided by Université Laval - Département d'économique in its series Cahiers de recherche with number 9922.
Date of creation: 1999
Date of revision:
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- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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