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Repeated Auctions with the Right of First Refusal and Asymmetric Information

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  • Hayley Chouinard

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    (School of Economic Sciences, Washington State University)

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    Abstract

    This paper characterizes a set of Nash equilibria in a first-price sealed-bid auction with the right of first refusal using two bidders and asymmetric information regarding the bidders’ value distributions. The equilibria for multiple bidders and a more general value distribution are also presented

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    File URL: http://faculty.ses.wsu.edu/WorkingPapers/chouinard_rofr.pdf
    File Function: First version, 2006
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    Bibliographic Info

    Paper provided by School of Economic Sciences, Washington State University in its series Working Papers with number 2006-6.

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    Length: 19 pages
    Date of creation: Jun 2006
    Date of revision:
    Handle: RePEc:wsu:wpaper:chouinard-1

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    Keywords: repeated auction; right of first refusal; asymmetric information;

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    References

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    1. Natalia Fabra, 2003. "Tacit Collusion in Repeated Auctions: Uniform Versus Discriminatory," Journal of Industrial Economics, Wiley Blackwell, vol. 51(3), pages 271-293, 09.
    2. Aoyagi, Masaki, 2003. "Bid rotation and collusion in repeated auctions," Journal of Economic Theory, Elsevier, vol. 112(1), pages 79-105, September.
    3. Skrzypacz, Andrzej & Hopenhayn, Hugo, 2004. "Tacit collusion in repeated auctions," Journal of Economic Theory, Elsevier, vol. 114(1), pages 153-169, January.
    4. Grosskopf, Brit & Roth, Alvin E., 2009. "If You are Offered the Right of First Refusal, Should You Accept? An Investigation of Contract Design," Scholarly Articles 4261988, Harvard University Department of Economics.
    5. Milgrom, Paul, 1989. "Auctions and Bidding: A Primer," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 3-22, Summer.
    6. Hayley H. Chouinard, 2005. "Auctions with and without the Right of First Refusal and National Park Service Concession Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(4), pages 1083-1088.
    7. Osmundsen, Petter, 1996. "Repeated Auctions of Franchises for Nonrenewable Resources," Journal of Regulatory Economics, Springer, vol. 10(2), pages 183-89, September.
    8. Elmar Wolfstetter & Michael Landsberger & Jakob Rubinstei & Shmuel Zamir, 1997. "First-Price Auctions when the Ranking of Valuations," Microeconomics 9701004, EconWPA.
    9. Owen R. Phillips & Dale J. Menkhaus & Kalyn T. Coatney, 2003. "Collusive Practices in Repeated English Auctions: Experimental Evidence on Bidding Rings," American Economic Review, American Economic Association, vol. 93(3), pages 965-979, June.
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    Cited by:
    1. Hayley Chouinard & Jonathan Yoder, 2006. "Repeated Auctions with the Right of First Refusal," Working Papers 2006-7, School of Economic Sciences, Washington State University.

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