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Equilibria in Second Price Auctions with Participation Costs

  • Guofu Tan
  • Okan Yilankaya

We investigate equilibria of sealed-bid second price auctions with bidder participation costs in the independent private values environment. We focus on equilibria in cutoff strategies (participate and bid the valuation iff it is greater than the cutoff), since if a bidder finds it optimal to participate, she cannot do better than bidding her valuation. When bidders are symmetric, concavity (strict convexity) of the cumulative distribution function from which the valuations are drawn is a sufficient condition for uniqueness (multiplicity) within this class. We also study a special case with asymmetric bidders and show that concavity/convexity plays a similar role.

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File Function: First version, 2005
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Paper provided by Institute of Economic Policy Research (IEPR) in its series IEPR Working Papers with number 05.7.

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Length: 18 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:scp:wpaper:05-7
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Web page: http://www.usc.edu/dept/LAS/economics/IEPR/
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