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Optimal search auctions with correlated bidder types

  • Cremer, Jacques
  • Spiegel, Yossi
  • Zheng, Charles Z.

We study optimal auctions when contacting prospective bidders is costly and the biddersï¾’ values are correlated. Although full surplus extraction is in general impossible, we can construct a search mechanism that fully extracts the surplus with an arbitrarily high probability.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4KV3XJF-1/2/7a06470f46934eccedeaabdc748be3e4
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 93 (2006)
Issue (Month): 1 (October)
Pages: 94-100

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Handle: RePEc:eee:ecolet:v:93:y:2006:i:1:p:94-100
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Jacques Cremer & Yossi Spiegel & Charles Z. Zheng, 2005. "Optimal Search Auctions," Discussion Papers 1421, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Bergemann, Dirk & Pesendorfer, Martin, 2001. "Information Structures in Optimal Auctions," CEPR Discussion Papers 2991, C.E.P.R. Discussion Papers.
  3. Ye Lixin, 2004. "Optimal Auctions with Endogenous Entry," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 4(1), pages 1-29, October.
  4. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
  5. Dirk Bergemann & Juuso Vaimaki, 2000. "Information Acquisition and Efficient Mechanism Design," Cowles Foundation Discussion Papers 1248, Cowles Foundation for Research in Economics, Yale University.
  6. repec:fgv:epgrbe:v:57:n:4:a:12 is not listed on IDEAS
  7. Preston McAfee, R. & McMillan, John, 1988. "Search mechanisms," Journal of Economic Theory, Elsevier, vol. 44(1), pages 99-123, February.
  8. Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, vol. 56(6), pages 1247-57, November.
  9. Burguet, Roberto, 1996. "Optimal Repeated Purchases When Sellers Are Learning about Costs," Journal of Economic Theory, Elsevier, vol. 68(2), pages 440-455, February.
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