Pure Equilibrium Strategies in Multi-unit Auctions with Private Value Bidders
The paper examines a general class of multi-unit auctions. The class of games investigated includes uniform-price, pay-your-bid, all-pay and Vickrey auctions as special cases. The seller offers k identical units of goods and sets the minimum accepted bid. Bidders have atomless valuation distributions and they submit up to k bids. For this class, the existence of Nash equilibrium in a measurable strategy space and weakly increasing pure strategy space is proven. In many cases any equilibrium strategies can be modified in such a way that they form a pure strategy equilibrium. Properties of standard strategies in multi-unit auctions are analyzed.
|Date of creation:||Dec 2008|
|Date of revision:|
|Contact details of provider:|| Postal: P.O. Box 882, Politickych veznu 7, 111 21 Praha 1|
Phone: (+420) 224 005 123
Fax: (+420) 224 005 333
Web page: http://www.cerge-ei.cz
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eric Maskin & John Riley, 2000. "Equilibrium in Sealed High Bid Auctions," Review of Economic Studies, Oxford University Press, vol. 67(3), pages 439-454.
- Vijay Krishna & John Morgan, 1994.
"An Analysis of the War of Attrition and the All-Pay Auction,"
Game Theory and Information
- Krishna, Vijay & Morgan, John, 1997. "An Analysis of the War of Attrition and the All-Pay Auction," Journal of Economic Theory, Elsevier, vol. 72(2), pages 343-362, February.
- Khan, M. Ali & Yeneng, Sun, 1995. "Pure strategies in games with private information," Journal of Mathematical Economics, Elsevier, vol. 24(7), pages 633-653.
- Back, Kerry & Zender, Jaime F, 1993. "Auctions of Divisible Goods: On the Rationale for the Treasury Experiment," Review of Financial Studies, Society for Financial Studies, vol. 6(4), pages 733-64.
- Amann, Erwin & Leininger, Wolfgang, 1996. "Asymmetric All-Pay Auctions with Incomplete Information: The Two-Player Case," Games and Economic Behavior, Elsevier, vol. 14(1), pages 1-18, May.
- 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.
- Philip J. Reny, 1999. "On the Existence of Pure and Mixed Strategy Nash Equilibria in Discontinuous Games," Econometrica, Econometric Society, vol. 67(5), pages 1029-1056, September.
- David McAdams, 2006. "Monotone Equilibrium in Multi-Unit Auctions," Review of Economic Studies, Oxford University Press, vol. 73(4), pages 1039-1056.
- Partha Dasgupta & Eric Maskin, 1986. "The Existence of Equilibrium in Discontinuous Economic Games, I: Theory," Review of Economic Studies, Oxford University Press, vol. 53(1), pages 1-26.
- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
- Richard Engelbrecht-Wiggans & Charles M. Kahn, 1998. "Multi-unit auctions with uniform prices," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(2), pages 227-258.
- Michal Bresky, 2008. "Properties of Equilibrium Strategies in Multiple-Unit, Uniform-Price Auctions," CERGE-EI Working Papers wp354, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
When requesting a correction, please mention this item's handle: RePEc:cer:papers:wp376. 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: (Jana Koudelkova)
If references are entirely missing, you can add them using this form.