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An Ascending Auction for Interdependent Values: Uniqueness and Robustness to Strategic Uncertainty

In: Robust Mechanism Design The Role of Private Information and Higher Order Beliefs

Author

Listed:
  • Dirk Bergemann
  • Stephen Morris

Abstract

The important role of dynamic auctions, in particular ascending price auctions, for the revelation of private information has been recognized for a long time. The advantage of sequential procedures is the ability to reveal and communicate private information in the course of the mechanism. The revelation of private information can decrease the uncertainty faced by the bidders and ultimately improve the final allocation offered by the mechanism. In auctions, the source of the uncertainty can be payoff uncertainty (about others’ payoff relevant information) or strategic uncertainty (about their bidding strategies)….

Suggested Citation

  • Dirk Bergemann & Stephen Morris, 2012. "An Ascending Auction for Interdependent Values: Uniqueness and Robustness to Strategic Uncertainty," World Scientific Book Chapters, in: Robust Mechanism Design The Role of Private Information and Higher Order Beliefs, chapter 7, pages 253-262, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814374590_0007
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    2. Dirk Bergemann & Stephen Morris, 2012. "Robust Implementation in Direct Mechanisms," World Scientific Book Chapters, in: Robust Mechanism Design The Role of Private Information and Higher Order Beliefs, chapter 4, pages 153-194, World Scientific Publishing Co. Pte. Ltd..
    3. Tingjun Liu & Dan Bernhardt, 2025. "Auctioning Control and Cash‐Flow Rights Separately," Econometrica, Econometric Society, vol. 93(3), pages 859-889, May.
    4. Catonini, Emiliano & Penta, Antonio, 2022. "Backward Induction Reasoning beyond Backward Induction," TSE Working Papers 22-1298, Toulouse School of Economics (TSE).
    5. Levent Ulku, 2010. "Monotone Implementation," Working Papers 1004, Centro de Investigacion Economica, ITAM.
    6. Gerard van der Laan & Zaifu Yang, 2016. "An ascending multi-item auction with financially constrained bidders," The Journal of Mechanism and Institution Design, Society for the Promotion of Mechanism and Institution Design, University of York, vol. 1(1), pages 109-149, December.
    7. Emiliano Catonini & Antonio Penta, 2024. "Backward Induction Reasoning beyond Backward Induction," Working Papers 1462, Barcelona School of Economics.
    8. Emiliano Cantonini & Antonio Penta, 2024. "Backward induction reasoning beyond backward induction," Economics Working Papers 1894, Department of Economics and Business, Universitat Pompeu Fabra.
    9. Ning Sun & Zaifu Yang, 2014. "An Efficient and Incentive Compatible Dynamic Auction for Multiple Complements," Journal of Political Economy, University of Chicago Press, vol. 122(2), pages 422-466.
    10. Dirk Bergemann & Stephen Morris, 2012. "Robust Mechanism Design: An Introduction," World Scientific Book Chapters, in: Robust Mechanism Design The Role of Private Information and Higher Order Beliefs, chapter 1, pages 1-48, World Scientific Publishing Co. Pte. Ltd..
    11. Penta, Antonio, 2015. "Robust dynamic implementation," Journal of Economic Theory, Elsevier, vol. 160(C), pages 280-316.
    12. Loertscher, Simon & Mezzetti, Claudio, 2021. "A dominant strategy, double clock auction with estimation-based tatonnement," Theoretical Economics, Econometric Society, vol. 16(3), July.
    13. Müller, Christoph, 2016. "Robust virtual implementation under common strong belief in rationality," Journal of Economic Theory, Elsevier, vol. 162(C), pages 407-450.
    14. Emiliano Catonini & Antonio Penta, 2024. "Backward Induction Reasoning beyond Backward Induction," Working Papers 1315, Barcelona School of Economics.
    15. Zaifu Yang & Jingsheng Yu, 2018. "Efficient Ascending Menu Auctions with Budget Constrained Bidders," Discussion Papers 18/09, Department of Economics, University of York.
    16. Satoru Fujishige & Zaifu Yang, 2020. "A Universal Dynamic Auction for Unimodular Demand Types: An Efficient Auction Design for Various Kinds of Indivisible Commodities," Discussion Papers 20/08, Department of Economics, University of York.
    17. Ülkü, Levent, 2014. "Implementation in an interdependent value framework," Mathematical Social Sciences, Elsevier, vol. 68(C), pages 64-70.
    18. Emiliano Cantonini & Antonio Penta, 2022. "Backward induction reasoning beyond backward induction," Economics Working Papers 1815, Department of Economics and Business, Universitat Pompeu Fabra.

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    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D0 - Microeconomics - - General

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