Article ID Journal Published Year Pages File Type
5062707 Economics Letters 2006 7 Pages PDF
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.
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Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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Optimal search auctions with correlated bidder types
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