First Price Auctions in the Asymmetric N Bidder Case
I consider the first price auction when the bidders' valuations may be differently distributed. I show that every Bayesian equilibrium is an "essentially" pure equilibrium formed by bid functions whose inverses are solutions of a system of differential equations with boundary conditions. I then prove the existence of an equilibrium. I prove its uniqueness when the valuation distributions have a mass point at the lower extremity of the support. I give sufficient conditions for uniqueness when every valuation distribution is one of two atomless distributions. I establish inequalities between equilibrium strategies when relations of stochastic dominance exist between valuation distributions. Copyright 1999 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 40 (1999)
Issue (Month): 1 (February)
|Contact details of provider:|| Postal: |
Phone: (215) 898-8487
Fax: (215) 573-2057
Web page: http://www.econ.upenn.edu/ierEmail:
More information through EDIRC
|Order Information:|| Web: http://www.blackwellpublishing.com/subs.asp?ref=0020-6598 Email: |
When requesting a correction, please mention this item's handle: RePEc:ier:iecrev:v:40:y:1999:i:1:p:125-42. 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: (Wiley-Blackwell Digital Licensing)or ()
If references are entirely missing, you can add them using this form.