A Characterization of the Conditions for Optimal Auction with Resale
AbstractZheng has proposed a seller-optimal auction for (asymmetric) independent-privatevalue environments where inter-bidder resale is possible. Zhengâ€™s construction requires novel conditions â€” Resale Monotonicity, Transitivity, and Invariance â€” on the biddersâ€™ value distribution profile. The only known examples of distribution profiles satisfying these conditions in environments with three or more bidders are uniform distributions. Our characterization result shows that Zhengâ€™s conditions, while being strong, are satisfied by many non-uniform distribution profiles. A crucial step in our analysis is to show that Invariance implies Resale Monotonicity and Transitivity.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich in its series Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems with number 128.
Date of creation: May 2006
Date of revision:
Contact details of provider:
Postal: Geschwister-Scholl-Platz 1, D-80539 Munich, Germany
Web page: http://www.sfbtr15.de/
More information through EDIRC
independent private values; optimal auction; resale; inverse virtual valuation function;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-07-15 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Giacomo Calzolari & Alessandro Pavan, 2004.
"Monopoly with Resale,"
1393, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Giacomo Calzolari & Alessandro Pavan, 2003. "Monopoly with Resale," Working Papers 2003.20, Fondazione Eni Enrico Mattei.
- Giacomo Calzolari & Alessandro Pavan, 2005. "Monopoly with Resale," Discussion Papers 1405, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Bester, Helmut & Strausz, Roland, 2001. "Contracting with Imperfect Commitment and the Revelation Principle: The Single Agent Case," Econometrica, Econometric Society, vol. 69(4), pages 1077-98, July.
- Vasiliki Skreta, 2005.
"Sequentially Optimal Mechanisms,"
UCLA Economics Online Papers
342, UCLA Department of Economics.
- Vasiliki Skreta, 2000. "Sequentially Optimal Mechanisms," Econometric Society World Congress 2000 Contributed Papers 1521, Econometric Society.
- Vasiliki Skreta, 2010. "Sequentially Optimal Mechanisms," NajEcon Working Paper Reviews 391749000000000488, www.najecon.org.
- Tymofiy Mylovanov & Thomas Tröger, 2005. "A note on Zheng’s conditions for implementing an optimal auction with resale," Bonn Econ Discussion Papers bgse29_2005, University of Bonn, Germany.
- Thomas Tröger & Rodney Garratt & Charles Zheng, 2008.
"Collusion via Resale,"
Bonn Econ Discussion Papers
bgse20_2008, University of Bonn, Germany.
- Virag, Gabor, 2009.
"First-price auctions with resale: the case of many bidders,"
17094, University Library of Munich, Germany.
- Gábor Virág, 2013. "First-price auctions with resale: the case of many bidders," Economic Theory, Springer, vol. 52(1), pages 129-163, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alexandra Frank).
If references are entirely missing, you can add them using this form.