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The Tripartite Auction Folk Theorem

Author

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  • David K Levine
  • Andrea Mattozzi
  • Salvatore Modica

Abstract

We formally study two bidder first-price, second-price, and all-pay auctions with known values, deriving the equilibrium payoffs and strategies and showing when all three yield the same equilibrium payoffs to the bidders. This latter result, the tripartite auction theorem, does not hold for all auctions, in particular it can fail for symmetric auctions with high stakes and in auctions with very low stakes.
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Suggested Citation

  • David K Levine & Andrea Mattozzi & Salvatore Modica, 2023. "The Tripartite Auction Folk Theorem," Levine's Working Paper Archive 786969000000001811, David K. Levine.
    • Handle: RePEc:cla:levarc:786969000000001811
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    File URL: http://www.dklevine.com/archive/refs4786969000000001811.pdf
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    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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