English auctions and the Stolper-Samuelson theorem
We prove that the English auction (with bidders that need not be ex ante identical and may have interdependent valuations) has an efficient ex post equilibrium. We establish this result for environments where it has not been previously obtained. We also prove two versions of the Stolper-Samuelson theorem, one for economies with n goods and n factors, and one for non-square economies. Similar assumptions and methods underlie these seemingly unrelated results.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Krishna, Vijay, 2003. "Asymmetric English auctions," Journal of Economic Theory, Elsevier, vol. 112(2), pages 261-288, October.
- Paul Milgrom & Robert J. Weber, 1981.
"A Theory of Auctions and Competitive Bidding,"
447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Birulin, Oleksii & Izmalkov, Sergei, 2011.
"On efficiency of the English auction,"
Journal of Economic Theory,
Elsevier, vol. 146(4), pages 1398-1417, July.
- Paul A. Samuelson, 1953. "Prices of Factors and Goods in General Equilibrium," Review of Economic Studies, Oxford University Press, vol. 21(1), pages 1-20.
- Robert Wilson, 1998. "Sequential equilibria of asymmetric ascending auctions: The case of log-normal distributions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(2), pages 433-440.
- Chipman, John S, 1969. "Factor Price Equalization and the Stolper-Samuelson Theorem," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 399-406, October.
- Ethier, Wilfred J., 1984. "Higher dimensional issues in trade theory," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 1, chapter 3, pages 131-184 Elsevier.
- Wolfgang F. Stolper & Paul A. Samuelson, 1941. "Protection and Real Wages," Review of Economic Studies, Oxford University Press, vol. 9(1), pages 58-73.
When requesting a correction, please mention this item's handle: RePEc:eee:jetheo:v:144:y:2009:i:2:p:825-849. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shamier, Wendy)
If references are entirely missing, you can add them using this form.