Auctions with budget-constrained buyers: a nonequivalence result
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.
|Date of creation:||1994|
|Date of revision:|
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- John G. Riley & William Samuelson, 1979.
UCLA Economics Working Papers
152, UCLA Department of Economics.
- 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.
- Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Carolyn Pitchik & Andrew Schotter, 1988.
"Perfect Equilibria in Budget-Constrained Sequential Auctions: An Experimental Study,"
RAND Journal of Economics,
The RAND Corporation, vol. 19(3), pages 363-388, Autumn.
- 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.
- McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
- Paul Milgrom & Robert J. Weber, 1981.
"A Theory of Auctions and Competitive Bidding,"
447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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