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Monotone Equilibrium in Multi-Unit Auctions

Author

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  • David McAdams

Abstract

Existence of monotone pure strategy equilibrium is established in the discriminatory and uniform S + a-th price (a in [0, 1]) auctions of S identical objects when bidders are risk-neutral with independent signals. The model requires discrete price / quantity grids and allows for multi-dimensional signals, interdependent values, increasing marginal values, allocative externalities, and two-sided trading. Given no externalities, further, all mixed-strategy equilibria in these auctions must be ex post allocation- and interim expected payment equivalent to some monotone pure strategy equilibrium. Thus, for standard expected surplus / revenue analysis, there is no loss in restricting attention to monotone strategies

Suggested Citation

  • David McAdams, 2004. "Monotone Equilibrium in Multi-Unit Auctions," Econometric Society 2004 North American Summer Meetings 211, Econometric Society.
  • Handle: RePEc:ecm:nasm04:211
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    Citations

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    Cited by:

    1. Bogetoft, Peter & Nielsen, Kurt, 2003. "Yardstick Based Procurement Design In Natural Resource Management," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25910, International Association of Agricultural Economists.
    2. Philip J. Reny, 2011. "On the Existence of Monotone Pure‐Strategy Equilibria in Bayesian Games," Econometrica, Econometric Society, vol. 79(2), pages 499-553, March.
    3. McAdams, David, 2002. "Bidding Lower with Higher Values in Multi-Object Auction," Working papers 4249-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    4. John Roberts, 2008. "Susan C. Athey: John Bates Clark Award Winner 2007," Journal of Economic Perspectives, American Economic Association, vol. 22(4), pages 181-198, Fall.

    More about this item

    Keywords

    multi-unit auctions; monotone equilibria;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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