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Asymmetric common-value auctions with applications to private-value auctions with resale

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  • Harrison Cheng
  • Guofu Tan

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  • Harrison Cheng & Guofu Tan, 2010. "Asymmetric common-value auctions with applications to private-value auctions with resale," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(1), pages 253-290, October.
    • Handle: RePEc:spr:joecth:v:45:y:2010:i:1:p:253-290
    DOI: 10.1007/s00199-009-0505-6
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    References listed on IDEAS

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    1. Johannes Hörner & Julian Jamison, 2008. "Sequential Common-Value Auctions with Asymmetrically Informed Bidders," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 75(2), pages 475-498.
    2. Dirk Bergemann & Stephen Morris, 2012. "Robust Mechanism Design," World Scientific Book Chapters, in: Robust Mechanism Design The Role of Private Information and Higher Order Beliefs, chapter 2, pages 49-96, World Scientific Publishing Co. Pte. Ltd..
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    4. Isa Hafalir & Vijay Krishna, 2008. "Asymmetric Auctions with Resale," American Economic Review, American Economic Association, vol. 98(1), pages 87-112, March.
    5. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-1819, November.
    6. Parreiras Sergio O., 2006. "Affiliated Common Value Auctions with Differential Information: The Two Bidder Case," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 6(1), pages 1-19, December.
    7. Engelbrecht-Wiggans, Richard & Milgrom, Paul R. & Weber, Robert J., 1983. "Competitive bidding and proprietary information," Journal of Mathematical Economics, Elsevier, vol. 11(2), pages 161-169, April.
    8. Blume, Andreas & Heidhues, Paul, 2004. "All equilibria of the Vickrey auction," Journal of Economic Theory, Elsevier, vol. 114(1), pages 170-177, January.
    9. Börgers Tilman M & McQuade Timothy, 2007. "Information-Invariant Equilibria of Extensive Games," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-31, December.
    10. Roger B. Myerson, 1981. "Optimal Auction Design," Mathematics of Operations Research, INFORMS, vol. 6(1), pages 58-73, February.
    11. Lizzeri, Alessandro & Persico, Nicola, 2000. "Uniqueness and Existence of Equilibrium in Auctions with a Reserve Price," Games and Economic Behavior, Elsevier, vol. 30(1), pages 83-114, January.
    12. Klemperer, Paul, 1998. "Auctions with almost common values: The 'Wallet Game' and its applications," European Economic Review, Elsevier, vol. 42(3-5), pages 757-769, May.
    13. Gupta, Madhurima & Lebrun, Bernard, 1999. "First price auctions with resale," Economics Letters, Elsevier, vol. 64(2), pages 181-185, August.
    14. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521536721.
    15. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
    16. Williams, Steven R., 1987. "Efficient performance in two agent bargaining," Journal of Economic Theory, Elsevier, vol. 41(1), pages 154-172, February.
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    Cited by:

    1. Christian Ewerhart, 2013. "Regular type distributions in mechanism design and $$\rho $$ -concavity," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 53(3), pages 591-603, August.
    2. Kaplan, Todd R. & Zamir, Shmuel, 2015. "Advances in Auctions," Handbook of Game Theory with Economic Applications,, Elsevier.
    3. Celik, Gorkem & Yilankaya, Okan, 2017. "Resale in second-price auctions with costly participation," International Journal of Industrial Organization, Elsevier, vol. 54(C), pages 148-174.
    4. Peter Postl, 2013. "Efficiency versus optimality in procurement," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 53(2), pages 425-472, June.
    5. Cheng, Harrison, 2011. "Auctions with resale and bargaining power," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 300-308.
    6. David Malueg & Ram Orzach, 2012. "Equilibrium and revenue in a family of common-value first-price auctions with differential information," International Journal of Game Theory, Springer;Game Theory Society, vol. 41(2), pages 219-254, May.
    7. Ceesay, Muhammed, 2023. "Secret vs Public Rings in Common Value Auctions," EconStor Preprints 279484, ZBW - Leibniz Information Centre for Economics.
    8. Joel O. Wooten & Joan M. Donohue & Timothy D. Fry & Kathleen M. Whitcomb, 2020. "To Thine Own Self Be True: Asymmetric Information in Procurement Auctions," Production and Operations Management, Production and Operations Management Society, vol. 29(7), pages 1679-1701, July.
    9. Lorentziadis, Panos L., 2016. "Optimal bidding in auctions from a game theory perspective," European Journal of Operational Research, Elsevier, vol. 248(2), pages 347-371.
    10. Virág, Gábor, 2016. "Auctions with resale: Reserve prices and revenues," Games and Economic Behavior, Elsevier, vol. 99(C), pages 239-249.
    11. Isa Hafalir & Musab Kurnaz, 2019. "Discriminatory auctions with resale," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 173-189, December.
    12. Gábor Virág, 2013. "First-price auctions with resale: the case of many bidders," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 129-163, January.
    13. Baisa, Brian & Burkett, Justin, 2020. "Discriminatory price auctions with resale and optimal quantity caps," Theoretical Economics, Econometric Society, vol. 15(1), January.
    14. Vasilis Syrgkanis & David Kempe & Eva Tardos, 2019. "Information Asymmetries in Common-Value Auctions with Discrete Signals," Management Science, INFORMS, vol. 44(4), pages 1450-1476, November.
    15. Lebrun, Bernard, 2012. "Optimality and the English and second-price auctions with resale," Games and Economic Behavior, Elsevier, vol. 75(2), pages 731-751.
    16. Sanyyam Khurana, 2022. "Auctions with resale and risk aversion," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(1), pages 117-128, May.
    17. Abraham, Ittai & Athey, Susan & Babaioff, Moshe & Grubb, Michael D., 2020. "Peaches, lemons, and cookies: Designing auction markets with dispersed information," Games and Economic Behavior, Elsevier, vol. 124(C), pages 454-477.
    18. Sanyyam Khurana, 2020. "Unraveling of Value-Rankings in Auctions with Resale," Working papers 308, Centre for Development Economics, Delhi School of Economics.
    19. Cadsby, C. Bram & Du, Ninghua & Wang, Ruqu & Zhang, Jun, 2016. "Goodwill Can Hurt: A theoretical and experimental investigation of return policies in auctions," Games and Economic Behavior, Elsevier, vol. 99(C), pages 224-238.
    20. Zhang, Jun & Wang, Ruqu, 2013. "Optimal mechanism design with resale via bargaining," Journal of Economic Theory, Elsevier, vol. 148(5), pages 2096-2123.

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    More about this item

    Keywords

    Common-value auctions; Private-value auctions; Resale; Revenue ranking; Regularity condition; Submodularity; Supermodularity; Single-crossing condition; D4; D8; L1;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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