Auctions with both common-value and private-value bidders |
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| Authors: | Xu Tan Yiqing Xing |
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| Affiliation: | a Department of Economics, Stanford University, USA
b CCER, National School of Development, Peking University, China |
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| Abstract: | This paper shows the existence of monotone pure-strategy equilibrium in auctions with both common-value bidders and private-value ones. In equilibrium, the common-value bidders bid less aggressively when there are more private-value bidders. Further, resale is discussed as an application. |
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| Keywords: | Asymmetry Second-price auction Monotone equilibrium Resale |
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