Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5062707 | Economics Letters | 2006 | 7 Pages |
Abstract
We study optimal auctions when contacting prospective bidders is costly and the bidders' values are correlated. Although full surplus extraction is, in general, impossible, we can construct a search mechanism that fully extracts the surplus with an arbitrarily high probability.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Jacques Crémer, Yossi Spiegel, Charles Z. Zheng,