Informational Size and Efficient Auctions
We develop an auction model for the case of interdependent values and multidimensional signals in which agents’ signals are correlated. We provide conditions under which a modification of the Vickrey auction which includes payments to the bidders will result in an ex post efficient outcome. Furthermore, we provide a definition of informational size such that the necessary payments to bidders will be arbitrarily small if agents are sufficiently informationally small.
|Date of creation:||30 Jul 2002|
|Date of revision:||13 Apr 2003|
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- P. Dasgupta & Eric Maskin, 1998. "Efficient Auctions," Harvard Institute of Economic Research Working Papers 1857, Harvard - Institute of Economic Research.
- Jeroen M. Swinkels & Wolfgang Pesendorfer, 2000.
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- Richard McLean & Andrew Postlewaite, .
"Informational Size and Incentive Compatibility,"
Penn CARESS Working Papers
7f6ff09d59945e06909ce4fa4, Penn Economics Department.
- Postlewaite, Andrew & McLean, Richard, 2015.
"Implementation with interdependent valuations,"
Econometric Society, vol. 10(3), September.
- Richard P. McLean & Andrew Postlewaite, 2006. "Implementation with Interdependent Valuations," Levine's Bibliography 122247000000001242, UCLA Department of Economics.
- Richard P. McLean & Andrew Postlewaite, 2006. "Implementation with Interdependent Valuations," PIER Working Paper Archive 06-007, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
- Cremer, Jacques & McLean, Richard P, 1988. "Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions," Econometrica, Econometric Society, vol. 56(6), pages 1247-57, November.
- Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 14-33, June.
- Milgrom, Paul R & Weber, Robert J, 1982.
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Econometric Society, vol. 50(5), pages 1089-1122, September.
- McAfee, R Preston & Reny, Philip J, 1992. "Correlated Information and Mechanism Design," Econometrica, Econometric Society, vol. 60(2), pages 395-421, March.
- Motty Perry & Philip J. Reny, 2002. "An Efficient Auction," Econometrica, Econometric Society, vol. 70(3), pages 1199-1212, May.
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