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Asymptotic Efficiency for Discriminatory Private Value Auctions

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  • Jeroen M. Swinkels

Abstract

We consider discriminatory auctions for multiple identical units of a good. Players have private values, possibly for multiple units. None of the usual assumptions about symmetry of players' distributions over values or of their equilibrium play are made. Because of this, equilibria will typically involve inefficiency: objects may not end up in the hands of those who value them most. We show that, none the less, such auctions become arbitrarily close to efficient as the number of players, and possibly the number of objects, grows large.

Suggested Citation

  • Jeroen M. Swinkels, 1996. "Asymptotic Efficiency for Discriminatory Private Value Auctions," Discussion Papers 1173, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    • Handle: RePEc:nwu:cmsems:1173
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    Cited by:

    1. Jianbo Zhang & Zhentang Zhang, 1999. "Asymptotic Efficiency in Stackelberg Markets with Incomplete Information," CIG Working Papers FS IV 99-07, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).

    More about this item

    Keywords

    Auctions; Discriminatory Auction; First Price Auction; Asymmetry; Efficiency; Asymptotic Efficiency; Large Auctions.;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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