Multiplicity of Equilibria in Multi-Unit Demand Sequential Auctions under Complete Information
We show that the result on the existence of a unique Nash perfect equilibrium in two-bidder multi-unit sequential second-price auctions under complete information (as in Krishna, 1993; Katzman, 1999; and Gale and Stegeman, 2001) is not robust in higher dimensional auctions. Using an example featuring three bidders competing for four objects, we found two equilibria characterized by different vectors of prices and allocations.
Volume (Year): 32 (2012)
Issue (Month): 1 ()
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- Mohamed Jeddy & Bruno Larue & Jean-philippe Gervais, 2010. "Allocations and Price Trends in Sequential Auctions under Complete Information with Symmetric Bidders," Economics Bulletin, AccessEcon, vol. 30(1), pages 429-436.
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