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Revenue Comparisons for Auctions When Bidders Have Arbitrary Types

  • Che, Yeon-Koo
  • Gale, Ian

This paper develops a methodology for characterizing expected revenue from auctions in which bidders' types come from an arbitrary distribution. In particular, types may be multidimensional, and there may be mass points in the distribution. One application extends existing revenue equivalence results. Another application shows that first-price auctions yield higher expected revenue than second-price auctions when bidders are risk averse and/or face financial constraints. This revenue ranking also extends to risk-averse bidders with general forms of non-expected utility preferences.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6102.

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Date of creation: 2006
Date of revision:
Publication status: Published in Theoretical Economics 1.1(2006): pp. 95-118
Handle: RePEc:pra:mprapa:6102
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  1. John Asker & Estelle Cantillon, 2004. "Equilibrium in Scoring Auctions," Working Papers 2004.148, Fondazione Eni Enrico Mattei.
  2. Che, Yeon-Koo & Gale, Ian, 1998. "Standard Auctions with Financially Constrained Bidders," Review of Economic Studies, Wiley Blackwell, vol. 65(1), pages 1-21, January.
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