کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5071631 | 1477069 | 2015 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
On bidding with securities: Risk aversion and positive dependence
ترجمه فارسی عنوان
در مناقصه با اوراق بهادار: انحراف خطر و وابستگی مثبت
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
DeMarzo et al. (2005) consider auctions in which bids are selected from a completely ordered family of securities whose values are tied to the resource being auctioned. The paper defines a notion of relative steepness of families of securities and shows that a steeper family provides greater expected revenue to the seller. Two assumptions are: the buyers are risk neutral; the random variables through which values and signals of the buyers are realized are affiliated. We show that this revenue ranking holds for the second price auction in the case of risk aversion. However, it does not hold if affiliation is relaxed to a less restrictive form of positive dependence, namely first order stochastic dominance (FOSD). We define the relative strong steepness of families of securities and show that it provides a necessary and sufficient condition for comparing two families in the FOSD case. All results extend to the English auction.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Games and Economic Behavior - Volume 90, March 2015, Pages 66-80
Journal: Games and Economic Behavior - Volume 90, March 2015, Pages 66-80
نویسندگان
Vineet Abhishek, Bruce Hajek, Steven R. Williams,