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Bidding Against an Unknown Number of Competitors With Affiliated Information

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  • Vleugels, Jan

    (University Mannheim)

Abstract

This paper analyzes equilibrium bidding with a stochastic number of bidders in the general symmetric model of Milgrom and Weber. The equilibrium strategies for standard auctions generalize the known bid functions in a coherent way, but they cannot generally be explained by an averaging procedure of the fixed-n bids. Nevertheless, the linkage principle extends, and the well-known revenue ranking theorems generalize to a stochastic number of bidders. Applications include the comparative statics of the bidding schedules, settings with an unbounded pool of potential competitors, as well as environments with endogenous bidder entry.

Suggested Citation

  • Vleugels, Jan, 1999. "Bidding Against an Unknown Number of Competitors With Affiliated Information," Sonderforschungsbereich 504 Publications 99-84, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    • Handle: RePEc:xrs:sfbmaa:99-84
    Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
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