A Characterization of the Conditions for Optimal Auction with Resale
Zheng has proposed a seller-optimal auction for (asymmetric) independent-privatevalue environments where inter-bidder resale is possible. Zhengâ€™s construction requires novel conditions â€” Resale Monotonicity, Transitivity, and Invariance â€” on the biddersâ€™ value distribution profile. The only known examples of distribution profiles satisfying these conditions in environments with three or more bidders are uniform distributions. Our characterization result shows that Zhengâ€™s conditions, while being strong, are satisfied by many non-uniform distribution profiles. A crucial step in our analysis is to show that Invariance implies Resale Monotonicity and Transitivity.
|Date of creation:||May 2006|
|Contact details of provider:|| Postal: Geschwister-Scholl-Platz 1, D-80539 Munich, Germany|
Web page: http://www.sfbtr15.de/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Vasiliki Skreta, 2005.
"Sequentially Optimal Mechanisms,"
UCLA Economics Online Papers
342, UCLA Department of Economics.
- Vasiliki Skreta, 2010. "Sequentially Optimal Mechanisms," NajEcon Working Paper Reviews 391749000000000488, www.najecon.org.
- Vasiliki Skreta, 2000. "Sequentially Optimal Mechanisms," Econometric Society World Congress 2000 Contributed Papers 1521, Econometric Society.
- Tymofiy Mylovanov & Thomas Tröger, 2005. "A note on Zheng’s conditions for implementing an optimal auction with resale," Bonn Econ Discussion Papers bgse29_2005, University of Bonn, Germany.
- Giacomo Calzolari & Alessandro Pavan, 2005.
"Monopoly with Resale,"
1405, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Giacomo Calzolari & Alessandro Pavan, 2004. "Monopoly with Resale," Discussion Papers 1393, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Giacomo Calzolari & Alessandro Pavan, 2003. "Monopoly with Resale," Working Papers 2003.20, Fondazione Eni Enrico Mattei.
- Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Bester, Helmut & Strausz, Roland, 2001. "Contracting with Imperfect Commitment and the Revelation Principle: The Single Agent Case," Econometrica, Econometric Society, vol. 69(4), pages 1077-1098, July.
When requesting a correction, please mention this item's handle: RePEc:trf:wpaper:128. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Tamilla Benkelberg)
If references are entirely missing, you can add them using this form.