Auctions with both common-value and private-value bidders
This paper shows the existence of monotone pure-strategy equilibrium in auctions with both common-value bidders and private-value ones. In equilibrium, the common-value bidders bid less aggressively when there are more private-value bidders. Further, resale is discussed as an application.
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- Matthew Jackson, 2009.
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- Jackson, Matthew O., 2005. "Non-Existence of Equilibrium in Vickrey, Second-Price, and English Auctions," Working Papers 1241, California Institute of Technology, Division of the Humanities and Social Sciences.
- Jacob K. Goeree & Theo Offerman, 1999.
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337, University of Virginia, Department of Economics.
- Jacob K. Goeree & Theo Offerman, 2003. "Competitive Bidding in Auctions with Private and Common Values," Economic Journal, Royal Economic Society, vol. 113(489), pages 598-613, 07.
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- Jacob K. Goeree & Theo Offerman, 2000. "Efficiency in Auctions with Private and Common Values: An Experimental Study," Virginia Economics Online Papers 347, University of Virginia, Department of Economics.
- Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
- Philip J. Reny & Shmuel Zamir, 2004.
"On the Existence of Pure Strategy Monotone Equilibria in Asymmetric First-Price Auctions,"
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- Philip J. Reny & Shmuel Zamir, 2002. "On the Existence of Pure Strategy Monotone Equilibria in Asymmetric First-Price Auctions," Discussion Paper Series dp292, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
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