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Core-stable Rings in Second Price Auctions with Common Values

Author

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  • Forges, Francoise
  • Orzach, Ram

Abstract

In a common value auction in which the information partitions of the bidders are connected, all rings are core-stable. More precisely, the ex ante expected utilities of rings, at the (noncooperative) sophisticated equilibrium proposed by Einy, Haimanko, Orzach and Sela (Journal of Mathematical Economics, 2002), describe a cooperative game, in characteristic function form, in spite of the underlying strategic externalities. A ring is core-stable if the core of this characteristic function is not empty. Furthermore, every ring can implement its sophisticated equilibrium strategy by means of an incentive compatible mechanism.

Suggested Citation

  • Forges, Francoise & Orzach, Ram, 2010. "Core-stable Rings in Second Price Auctions with Common Values," Sustainable Development Papers 96668, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemdp:96668
    DOI: 10.22004/ag.econ.96668
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    File URL: https://ageconsearch.umn.edu/record/96668/files/NDL2010-119.pdf
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    Cited by:

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    2. Ezra Einy & Mridu Prabal Goswami & Ori Haimanko & Ram Orzach & Aner Sela, 2017. "Common-value all-pay auctions with asymmetric information," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(1), pages 79-102, March.
    3. José A. Rodrigues‐Neto, 2015. "Monotonic Knowledge Models, Cycles, Linear Versions and Auctions with Differential, Finite Information," The Economic Record, The Economic Society of Australia, vol. 91(S1), pages 25-37, June.
    4. Aiche, A. & Einy, Ezra & Haimanko, Ori & Moreno, Diego & Selay, A. & Shitovitz, Benyamin, 2016. "Information advantage in common-value classic Tullock contests," UC3M Working papers. Economics 23939, Universidad Carlos III de Madrid. Departamento de Economía.
    5. Jonathan Newton, 2019. "Agency Equilibrium," Games, MDPI, vol. 10(1), pages 1-15, March.
    6. Ezra Einy & Ori Haimanko & Diego Moreno & Aner Sela & Benyamin Shitovitz, 2013. "Tullock Contests With Asymmetric Information," Working Papers 1303, Ben-Gurion University of the Negev, Department of Economics.
    7. Sela, Aner & Haimanko, Ori & Orzach, Ram & Einy, Ezra, 2014. "Common-Value All-Pay Auctions with Asymmetric Information and Bid Caps," CEPR Discussion Papers 10173, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

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    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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