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A note on revenue maximization and efficiency in multi-object auctions

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  • Jehiel, P
  • Moldovanu, B

Abstract

Combining the result of Palfrey (1983) about the role of bundling and the revenue equivalence theorem, this note shows that there is a conflict between revenue maximization and efficiency in multi-object auctions even with symmetric bidders.

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File URL: http://discovery.ucl.ac.uk/16653/1/16653.pdf
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Bibliographic Info

Paper provided by University College London in its series Open Access publications from University College London with number http://discovery.ucl.ac.uk/16653/.

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Date of creation: 2001
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Publication status: Published in Economics Bulletin (2001) v.3, p.1-5
Handle: RePEc:ner:ucllon:http://discovery.ucl.ac.uk/16653/

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References

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  1. Page Jr., Frank H., 1998. "Existence of optimal auctions in general environments," Journal of Mathematical Economics, Elsevier, vol. 29(4), pages 389-418, May.
  2. Armstrong, Mark, 2000. "Optimal Multi-object Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 455-81, July.
  3. Palfrey, Thomas R, 1983. "Bundling Decisions by a Multiproduct Monopolist with Incomplete Information," Econometrica, Econometric Society, vol. 51(2), pages 463-83, March.
  4. Paul Milgrom, 2000. "Putting Auction Theory to Work: The Simultaneous Ascending Auction," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 245-272, April.
  5. repec:wop:humbsf:2000-72 is not listed on IDEAS
  6. Lawrence M. Ausubel & Peter Cramton, 1998. "The Optimality of Being Efficient," Papers of Peter Cramton 98wpoe, University of Maryland, Department of Economics - Peter Cramton, revised 18 Jun 1999.
  7. Engelbrecht-Wiggans, Richard, 1988. "Revenue equivalence in multi-object auctions," Economics Letters, Elsevier, vol. 26(1), pages 15-19.
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Cited by:
  1. Brusco, Sandro & Lopomo, Giuseppe, 2002. "Collusion via Signalling in Simultaneous Ascending Bid Auctions with Heterogeneous Objects, with and without Complementarities," Review of Economic Studies, Wiley Blackwell, vol. 69(2), pages 407-36, April.
  2. Jehiel, Philippe & Meyer-Ter-Vehn, Moritz & Moldovanu, Benny, 2006. "Mixed Bundling Auctions," CEPR Discussion Papers 5566, C.E.P.R. Discussion Papers.
  3. Domenico Menicucci, 2001. "Optimal two-object auctions with synergies," ICER Working Papers - Applied Mathematics Series 18-2001, ICER - International Centre for Economic Research.
  4. Nicolas Figueroa & Vasiliki Skreta, 2006. "The Role of Outside Options in Auction Design," Levine's Bibliography 321307000000000140, UCLA Department of Economics.
  5. Rapisarda, G., 2004. "A note on low-price menu auctions," Economics Letters, Elsevier, vol. 83(3), pages 343-346, June.
  6. Jehiel, Philippe & Moldovanu, Benny, 2005. "Allocative and Informational Externalities in Auctions and Related Mechanisms," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 142, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  7. Jackson, Matthew O. & Kremer, Ilan, 2004. "The relationship between the allocation of goods and a seller's revenue," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 371-392, June.

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