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Asymmetric English Auctions Revisited

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  • Dubra, Juan

Abstract

I introduce a property of player's valuations that ensures the existence of an ex post efficient equilibrium in asymmetric English auctions. The use of this property has the advantage of yielding an ex post efficient equilibrium without assuming differentiability of valuations or that signals are drawn from a density. These technical, non economic, assumptions have been ubiquitous in the study of (potentially) asymmetric English auctions. Therefore, my work highlights the economic content of what it takes to obtain efficient ex post equilibria. I generalize prior work by Echenique and Manelli (2006) and by Birulin and Izmalkov (2003). Relative to Krishna (2003), I weaken his single crossing properties, drop his differentiability and densities assumptions, but I assume that one player's valuation is weakly increasing in other players' signals, while he uses a different assumption (neither stronger nor weaker).

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 702.

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Date of creation: 04 Oct 2006
Date of revision: 05 Nov 2006
Handle: RePEc:pra:mprapa:702

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Keywords: Efficiency; English Auctions; ex-post equilibrium;

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  1. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
  2. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
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