On efficiency of the English auction |
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Authors: | Oleksii Birulin |
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Institution: | a University of Sydney, Department of Economics, 366 Merewether H04, University of Sydney, NSW 2006, Australia b New Economic School, 47 Nakhimovsky prosp., 17-21, Moscow 117418, Russia |
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Abstract: | We study efficiency properties of the irrevocable exit English auction in a setting with interdependent values. Maskin (1992) 1] shows that the pairwise single-crossing condition is sufficient for efficiency of the English auction with two bidders and suggests that it is also a necessary condition. This paper clarifies and extends Maskin?s results to the case of N bidders. We introduce the generalized single-crossing condition—a fairly intuitive extension of the pairwise single-crossing condition—and prove that it is essentially a necessary and sufficient condition for the existence of an efficient equilibrium of the N-bidder English auction. |
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Keywords: | C72 D44 |
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