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The set of equilibria of first-price auctions

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  • Paulo Klinger Monteiro

    (EPGE-FGV)

Abstract

In this note I show that pratically any increasing function is the equilibrium bidding function of a symmetric first-price auction. It is like a Sonnenschein-Mantel-Debreu for auctions

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File URL: http://128.118.178.162/eps/mic/papers/0403/0403001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0403001.

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Length: 6 pages
Date of creation: 05 Mar 2004
Date of revision:
Handle: RePEc:wpa:wuwpmi:0403001

Note: Type of Document - Pdf file; prepared on Windows 2000; to print on hp; pages: 6; figures: none
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Web page: http://128.118.178.162

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Keywords: first-price;

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References

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  1. Eric Maskin & John Riley, 2003. "Uniqueness of Equilibrium in Sealed High-Bid Auctions," Economics Working Papers 0031, Institute for Advanced Study, School of Social Science.
  2. Juliano Junqueira Assunção & Humberto Moreira, 2005. "Land taxes in a Latin American context," Textos para discussão 497, Department of Economics PUC-Rio (Brazil).
  3. Emmanuel Guerre & Isabelle Perrigne & Quang Vuong, 2000. "Optimal Nonparametric Estimation of First-Price Auctions," Econometrica, Econometric Society, vol. 68(3), pages 525-574, May.
  4. Barbosa, Fernando de Holanda, 2004. "Inflação: Inércia e Déficit Público," Economics Working Papers (Ensaios Economicos da EPGE) 533, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  5. John G. Riley & William Samuelson, 1979. "Optimal Auctions," UCLA Economics Working Papers 152, UCLA Department of Economics.
  6. Khan, M. Ali, 2003. "On choice of technique in the Robinson-Solow-Srinivasan model," Economics Working Papers (Ensaios Economicos da EPGE) 504, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  7. Leonardo Rocha Souza, 2005. "A Note On Chambers'S "Long Memory And Aggregation In Macroeconomic Time Series"," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 1059-1062, 08.
  8. Costa, Cristiano M. & Ferreira, Daniel & Moreira, Humberto, 2005. "Biased managers, organizational design, and incentive provision," Economics Letters, Elsevier, vol. 86(3), pages 379-385, March.
  9. Tsuchida, Marcos H. & Araújo, Aloísio Pessoa de & Moreira, Humberto Luiz Ataide, 2004. "The trade-off between incentives and endogenous risk," Economics Working Papers (Ensaios Economicos da EPGE) 523, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  10. J. Riley & E. Maskin, 1981. "Optimal Auctions with Risk Averse Buyers," Working papers 311, Massachusetts Institute of Technology (MIT), Department of Economics.
  11. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
  12. Monteiro, Paulo Klinger & Araújo, Aloísio Pessoa de & Martins-da-Rocha, Victor Filipe, 2003. "Equilibria in security markets with a continuum of agents," Economics Working Papers (Ensaios Economicos da EPGE) 513, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  13. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
  14. Neri, Marcelo Cortes & Soares, Wagner Lopes, 2003. "Idade, Incapacidade e a Inflação do Número de Pessoas com Deficiência," Economics Working Papers (Ensaios Economicos da EPGE) 490, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  15. Souza, Leonardo Rocha & Smith, Jeremy & Souza, Reinaldo Castro de, 2003. "Convex Combinations of Long Memory Estimates from Different Sampling Rates," Economics Working Papers (Ensaios Economicos da EPGE) 489, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  16. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
  17. Wilson, Robert, 1977. "A Bidding Model of Perfect Competition," Review of Economic Studies, Wiley Blackwell, vol. 44(3), pages 511-18, October.
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