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Auction Theory

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  • Pak-Sing Choi

    (National Central University)

  • Felix Munoz-Garcia

    (Washington State University)

Abstract

This chapter applies the BNE solution concept to auctions, a strategic setting where players typically face incomplete information. In this context, every player privately knows her valuation for the object being sold (e.g., a painting), but does not observe other bidders’ valuations. Bids, then, are a player’s strategy, and are a function of her privately observed valuation for the object.
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Suggested Citation

  • Pak-Sing Choi & Felix Munoz-Garcia, 2021. "Auction Theory," Springer Texts in Business and Economics, Springer, number 978-3-030-69575-0, June.
    • Handle: RePEc:spr:sptbec:978-3-030-69575-0
    DOI: 10.1007/978-3-030-69575-0
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