On Rationalizability and Beliefs in Discrete Private-Value First-Price Auctions
We extend Dekel and Wolinsky's (2003) result on private-value first price auctions by providing different sufficient conditions under which each player has a unique rationalizable bid conditional on her value. Unlike Dekel and Wolinsky's, our result does not necessarily require a large number of players. If values are independently distributed, (i) our conditions are weaker than Dekel and Wolinsky's, and (ii) our conditions require a large number of players only if the distributions on values has a low reverse hazard rate for some value. Our result holds for the cases where players' utility functions are concave or values are not identically distributed.
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Volume (Year): 12 (2012)
Issue (Month): 1 (May)
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References listed on IDEAS
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- Pierpaolo Battigalli & Alfredo Di Tillio & Edoardo Grillo & Antonio Penta, 2008.
"Interactive Epistemology and Solution Concepts for Games with Asymmetric Information,"
340, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Battigalli Pierpaolo & Di Tillio Alfredo & Grillo Edoardo & Penta Antonio, 2011. "Interactive Epistemology and Solution Concepts for Games with Asymmetric Information," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 11(1), pages 1-40, March.
- Eric Maskin & John Riley, 2000. "Asymmetric Auctions," Review of Economic Studies, Oxford University Press, vol. 67(3), pages 413-438.
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