Article ID Journal Published Year Pages File Type
5060786 Economics Letters 2011 4 Pages PDF
Abstract
► We consider a first-price auction with two asymmetric bidders. ► Bidders exhibit different risk aversion levels. ► A bidder may reduce his markup although he becomes less risk averse. ► The seller's expected revenue increases as asymmetry between bidders increases.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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First-price sealed-bid auctions when bidders exhibit different attitudes toward risk
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