| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5072138 | Games and Economic Behavior | 2011 | 11 Pages |
Abstract
⺠We study the second best allocation in a single unit sale to two bidders. ⺠The second best maximizes the social surplus subject to the incentive compatible constraints. ⺠Any second best that is deterministic and monotone is implemented with the English auction. ⺠This result generalizes to the second best a result proved by Maskin (1992) for the first best.
Related Topics
Social Sciences and Humanities
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Economics and Econometrics
Authors
Ángel Hernando-Veciana, Fabio Michelucci,