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Optimal design and p-concavity

Author

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  • Christian Ewerhart

Abstract

Some of the most beautiful results in mechanism design depend crucially on Myerson?s (1981) regularity condition. E.g., the second-price auction with reserve price is revenue maximizing only if the type distribution is regular. This paper offers two main results. First, an interpretation of regularity is developed in terms of being the next to fail. Second, using expanded concepts of concavity, a tight sufficient condition on the density function is formulated. New examples of parameterized distributions are shown to be regular. Applications include standard design problems, optimal reserve prices, the analysis of bidding data, and multidimensional types.

Suggested Citation

  • Christian Ewerhart, 2009. "Optimal design and p-concavity," IEW - Working Papers 409, Institute for Empirical Research in Economics - University of Zurich, revised May 2011.
    • Handle: RePEc:zur:iewwpx:409
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    File URL: https://www.econ.uzh.ch/apps/workingpapers/wp/iewwp409.pdf
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    Cited by:

    1. James W. Roberts, 2013. "Unobserved heterogeneity and reserve prices in auctions," RAND Journal of Economics, RAND Corporation, vol. 44(4), pages 712-732, December.

    More about this item

    Keywords

    Virtual valuation; Regularity; Generalized concavity; Pr�kopa-Borell Theorem; Mechanism design;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • C16 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Econometric and Statistical Methods; Specific Distributions

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