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Auctions with both common-value and private-value bidders

  • Tan, Xu
  • Xing, Yiqing
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    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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    File URL: http://www.sciencedirect.com/science/article/B6V84-507BHJ6-2/2/ba84fb9aa8153054a240dc91701de788
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    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 111 (2011)
    Issue (Month): 1 (April)
    Pages: 99-103

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    Handle: RePEc:eee:ecolet:v:111:y:2011:i:1:p:99-103
    Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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    1. 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.
    2. Matthew Jackson, 2009. "Non-existence of equilibrium in Vickrey, second-price, and English auctions," Review of Economic Design, Springer, vol. 13(1), pages 137-145, April.
    3. 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.
    4. Isa Hafalir & Vijay Krishna, 2008. "Asymmetric Auctions with Resale," American Economic Review, American Economic Association, vol. 98(1), pages 87-112, March.
    5. Theo Offerman, 2002. "Efficiency in Auctions with Private and Common Values: An Experimental Study," American Economic Review, American Economic Association, vol. 92(3), pages 625-643, June.
    6. Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
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