کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
972322 932555 2008 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Intuitive and noncompetitive equilibria in weakly efficient auctions with entry costs
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
Intuitive and noncompetitive equilibria in weakly efficient auctions with entry costs
چکیده انگلیسی
I study weakly efficient auctions with entry costs, under the IPV assumption, following Tan and Yilankaya [Tan, G., Yilankaya, O., 2006. Equilibria in second price auctions with participation costs. Journal of Economic Theory 130, 205-219]. First, I generalize their Proposition 4 to what I call (generalized) intuitive equilibrium. By such I prove that if bidders' valuation distributions are ordered in a (weak) first order domination ranking, then there exists an equilibrium in cutoff strategies where cutoffs are (weakly) increasingly ordered with respect to the domination ranking. Stronger bidders are thus ex ante more likely to participate. A second result states a necessary and sufficient condition for the existence of a noncompetitive cutoff equilibrium, in which only one bidder (if any) takes part in the auction. Neither the uniform distribution nor any distribution first order stochastically dominated by the uniform may ever satisfy that condition. If both intuitive and nonintuitive equilibria exist, I conjecture that intuitive equilibria tend to yield higher ex ante efficiency, while nonintuitive ones might yield higher expected revenues.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Mathematical Social Sciences - Volume 56, Issue 3, November 2008, Pages 448-455
نویسندگان
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