Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5072185 | Games and Economic Behavior | 2012 | 17 Pages |
Abstract
⺠We model competitive auctions for a good in the absence of private information. ⺠Agents are risk neutral, adaptive, and lack private information. ⺠Agent strategies never converge to the Bertrand-Nash equilibrium. ⺠In second-price auctions, revenue does not converge to the Bertrand prediction. ⺠If good value is random, revenue does not converge to the Bertrand prediction.
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Authors
Thomas H. Noe, Michael Rebello, Jun Wang,