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Payoff Equivalence in Sealed Bid Auctions and the Dual Theory of Choice Under Risk

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  • Volij, Oscar

Abstract

This paper considers single item auctions in the private values framework, with buyers whose preferences satisfy the axioms of Yaari's (1987) dual theory of choice under risk. It is shown that when their valuations are independently distributed, risk averse buyers are indifferent among all the auctions contained in a large family of mechanisms that includes the standard auctions.

Suggested Citation

  • Volij, Oscar, 2002. "Payoff Equivalence in Sealed Bid Auctions and the Dual Theory of Choice Under Risk," Staff General Research Papers Archive 10129, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:10129
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    Cited by:

    1. Levin, Dan & Ozdenoren, Emre, 2004. "Auctions with uncertain numbers of bidders," Journal of Economic Theory, Elsevier, vol. 118(2), pages 229-251, October.
    2. Volij, Oscar & Winter, Eyal, 2002. "On risk aversion and bargaining outcomes," Games and Economic Behavior, Elsevier, vol. 41(1), pages 120-140, October.
    3. , & , & ,, 2006. "Optimal auctions with ambiguity," Theoretical Economics, Econometric Society, vol. 1(4), pages 411-438, December.
    4. Bose, Subir & Daripa, Arup, 2009. "A dynamic mechanism and surplus extraction under ambiguity," Journal of Economic Theory, Elsevier, vol. 144(5), pages 2084-2114, September.
    5. Volij, Oscar, 2025. "Payoff equivalence in sealed bid auctions and the dual theory of choice under risk: A correction," Economics Letters, Elsevier, vol. 247(C).

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