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An efficiency ordering of k-price auctions under complete information

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  • Goel, Sumit
  • Zeidel, Jeffrey

Abstract

We study k-price auctions in a complete information environment and characterize all pure-strategy Nash equilibrium outcomes. In a setting with n agents having ordered valuations, we show that any agent, except those with the lowest k−2 valuations, can win in equilibrium. As a consequence, worst-case welfare increases monotonically as we go from second-price auction (k=2) to lowest-price auction (k=n), with the first-price auction achieving the highest worst-case welfare.

Suggested Citation

  • Goel, Sumit & Zeidel, Jeffrey, 2025. "An efficiency ordering of k-price auctions under complete information," Economics Letters, Elsevier, vol. 255(C).
    • Handle: RePEc:eee:ecolet:v:255:y:2025:i:c:s0165176525004021
    DOI: 10.1016/j.econlet.2025.112565
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    References listed on IDEAS

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