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Existence and Uniqueness of Equilibrium In First Place Auctions and War of Attrition with Affiliated Values

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  • Alessandro Lizzeri
  • Nicola Persico

Abstract

We prove existence and uniqueness of equilibrium in a 2-bidder asymmetric first price auction with affiliated values. The techniques used to prove uniqueness are different from the ones used in analyses of private values environments. Moreover the proof of existence is constructive. For comparison purposes we also consider the war of attrition and show that there is a continuum of equilibria in that game.

Suggested Citation

  • Alessandro Lizzeri & Nicola Persico, 1995. "Existence and Uniqueness of Equilibrium In First Place Auctions and War of Attrition with Affiliated Values," Discussion Papers 1120, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    • Handle: RePEc:nwu:cmsems:1120
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    Cited by:

    1. Patrick Bajari, "undated". "Comparing Competition and Collusion in Procurement Auctions: A Numerical Approach," Working Papers 00003, Stanford University, Department of Economics.
    2. Dakshina G. De Silva & Timothy Dunne & Georgia Kosmopoulou, 2003. "An Empirical Analysis of Entrant and Incumbent Bidding in Road Construction Auctions," Journal of Industrial Economics, Wiley Blackwell, vol. 51(3), pages 295-316, September.
    3. Olivier Compte & Andrew Postlewaite, 2010. "Simple Auctions, Second Version," PIER Working Paper Archive 13-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Apr 2013.

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