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Existence of Equilibrium in Single and Double Private Value Auctions

Author

Listed:
  • Jackson, Matthew O.
  • Jeroen Swinkels

Abstract

We show existence of equilibria in istributional strategies for a wide class of private value auctions, including the first general existence result for double auctions. The set of quilibria is invariant to the tie-breaking rule. The model incorporates multiple unit demands, all standard pricing rules, reserve prices, entry costs, and stochastic demand and supply. Valuations can be correlated and asymmetrically distributed. For double auctions, we show further that at least one equilibrium involves a positive volume of trade. The existence proof establishes new connections among existence techniques for discontinuous Bayesian games.

Suggested Citation

  • Jackson, Matthew O. & Jeroen Swinkels, 2004. "Existence of Equilibrium in Single and Double Private Value Auctions," Working Papers 1192, California Institute of Technology, Division of the Humanities and Social Sciences.
  • Handle: RePEc:clt:sswopa:1192
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    File URL: http://www.hss.caltech.edu/SSPapers/WP1192.pdf
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