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A Characterization of the Conditions for Optimal Auction with Resale

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Author Info
Tymofiy Mylovanov (Department of Economics, University of Bonn, Adenauerallee 24-42, 53113 Bonn. mylovanov@uni-bonn.de)
Thomas Tröger (Department of Economics, University of Bonn, Adenauerallee 24-42, 53113 Bonn. ttröger@uni-bonn.de)

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Abstract

Zheng has proposed a seller-optimal auction for (asymmetric) independent-privatevalue environments where inter-bidder resale is possible. Zheng’s construction requires novel conditions — Resale Monotonicity, Transitivity, and Invariance — on the bidders’ 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 Zheng’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.

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Publisher Info
Paper provided by SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich in its series Discussion Papers with number 128.

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Date of creation: May 2006
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Handle: RePEc:trf:wpaper:128

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Related research
Keywords: independent private values; optimal auction; resale; inverse virtual valuation function;

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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.:
  1. 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. [Downloadable!]
  2. Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  3. 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.
  4. Giacomo Calzolari & Alessandro Pavan, 2003. "Monopoly with Resale," Working Papers 2003.20, Fondazione Eni Enrico Mattei. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Garratt, Rod & Troger, Thomas & Zheng, Charles Zhoucheng, 2007. "Collusion via Resale," Staff General Research Papers 12829, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  2. Virag, Gabor, 2009. "First-price auctions with resale: the case of many bidders," MPRA Paper 17094, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-12-1.

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