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Auctions with budget-constrained buyers: a nonequivalence result

  • Yeon-Koo Che
  • Ian Gale

An analysis of the impact of binding budget constraints on the expected revenue generated by sealed-bid and oral auctions, showing that revenue is higher in the former case.

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File URL: http://www.clevelandfed.org/Research/Workpaper/1994/wp9402.pdf
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Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 9402.

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Date of creation: 1994
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Handle: RePEc:fip:fedcwp:9402
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  1. John G. Riley & William Samuelson, 1979. "Optimal Auctions," UCLA Economics Working Papers 152, UCLA Department of Economics.
  2. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
  3. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
  4. Pitchik, Carolyn & Schotter, Andrew, 1986. "Perfect Equilibria in Budget Constrained Sequential Auctions: An Experimental Study," Working Papers 86-22, C.V. Starr Center for Applied Economics, New York University.
  5. Hendricks, Kenneth & Porter, Robert H, 1992. "Joint Bidding in Federal OCS Auctions," American Economic Review, American Economic Association, vol. 82(2), pages 506-11, May.
  6. Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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