Debt-Funded Bidding Under Credit Market and Auction Information Asymmetries: Private Values & First-Price Sealed Bids
AbstractWe examine lending and bidding when bidders, whose valuation for the good and wealth are private information, must borrow to fund their bid in a first-price sealed-bid auction. Any separating equilibrium is unique and the winning bidder typw randomnizes their bids.
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Bibliographic InfoPaper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 677.
Length: 32 pages
Date of creation: 1999
Date of revision:
Contact details of provider:
Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
Phone: +61 3 8344 5289
Fax: +61 3 8344 6899
Web page: http://www.economics.unimelb.edu.au
More information through EDIRC
AUCTIONS ; CREDIT ; ASYMETRIC INFORMATION;
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- G20 - Financial Economics - - Financial Institutions and Services - - - General
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