On Some Myths about Sequenced Common-Value Auctions
Equilibria are constructed for classes of game models of sequenced second-price auctions having identical common-valued objects In some of these the equilibrium price falls on average, and in others the seller loses on average by committing to announce publicly something that he knows. Both of these possibilities are surprises.
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- Rosenthal, Robert W. & Wang, Ruqu, 1996.
"Simultaneous Auctions with Synergies and Common Values,"
Games and Economic Behavior,
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"Discontinous Games and Endogenous Sharing Rules,"
Department of Economics, Working Paper Series
qt8n46v2wv, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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829, California Institute of Technology, Division of the Humanities and Social Sciences.
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Game Theory and Information
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Econometric Society, vol. 50(5), pages 1089-1122, September.
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- Kevin Lang & Robert W. Rosenthal, 1991. "The Contractors' Game," RAND Journal of Economics, The RAND Corporation, vol. 22(3), pages 329-338, Autumn.
- Rosenthal, Robert W, 1980. "A Model in Which an Increase in the Number of Sellers Leads to a Higher Price," Econometrica, Econometric Society, vol. 48(6), pages 1575-1579, September.
- McAfee R. Preston & Vincent Daniel, 1993. "The Declining Price Anomaly," Journal of Economic Theory, Elsevier, vol. 60(1), pages 191-212, June.
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