| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5072186 | Games and Economic Behavior | 2012 | 14 Pages |
Abstract
⺠We examine the perfect Bayesian equilibrium in an ascending core-selecting auction. ⺠In the equilibrium, small bidders attempt to stop bidding at the initial price. ⺠The equilibrium is unique under certain conditions. ⺠The equilibrium is inefficient and low revenue problem arises. ⺠The efficiency and revenue are considerably improved in the case of many bidders.
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Authors
Ryuji Sano,