First price auctions: Monotonicity and uniqueness
β Scribed by Gustavo E. Rodriguez
- Publisher
- Springer-Verlag
- Year
- 2000
- Tongue
- English
- Weight
- 212 KB
- Volume
- 29
- Category
- Article
- ISSN
- 0020-7276
No coin nor oath required. For personal study only.
π SIMILAR VOLUMES
## Abstract In a firstβprice allβpay auction buyers have an incentive to delegate the bidding to agents and to provide these agents with incentives to make bids that differ from the bids the buyers would like to make. Both buyers are better off in this strictly nonβcooperative delegation equilibriu
Bidding the same price in descending bid auctions and in first price sealed bid auctions is equivalent to expected utility maximizing behavior, and this is equivalent to dynamically consistent bidding. The claim that, in strategic form, descending bid and first price sealed bid auctions are the same
## Abstract Collusion and heterogeneity across firms may introduce asymmetry in bidding games. A major difficulty in asymmetric auctions is that the Bayesian Nash equilibrium strategies are solutions of an intractable system of differential equations. We propose a simple method for estimating asymm