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A Characterization of the Conditions for Optimal Auction with Resale

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  • Mylovanov, Tymofiy
  • Tröger, Thomas

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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Bibliographic Info

Paper 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.

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

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

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References

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  1. Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Giacomo Calzolari & Alessandro Pavan, 2004. "Monopoly with Resale," Discussion Papers 1393, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  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. Vasiliki Skreta, 2005. "Sequentially Optimal Mechanisms," UCLA Economics Online Papers 342, UCLA Department of Economics.
  5. 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.
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Cited by:
  1. Thomas Tröger & Rodney Garratt & Charles Zheng, 2008. "Collusion via Resale," Bonn Econ Discussion Papers bgse20_2008, University of Bonn, Germany.
  2. Virag, Gabor, 2009. "First-price auctions with resale: the case of many bidders," MPRA Paper 17094, University Library of Munich, Germany.

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