共查询到20条相似文献,搜索用时 15 毫秒
1.
Simon Board 《Journal of Economic Theory》2007,136(1):324-340
Contracts often take the form of options: oil fields can be abandoned, planning permission may go unused, and acquired firms can be liquidated. We consider a seller who auctions a dynamic option among N agents. After the auction, the economy evolves and the winning bidder chooses both if and when to execute the option. The revenue-maximising auction consists of an up-front bid and a contingent fee, where the latter is chosen in a Pigouvian manner, so the winning agent's choice of exercise time maximises the seller's revenue. This contingent payment is time- and state-invariant, so the seller does not have to observe post-auction information in order to implement the optimal auction. The revenue-maximising mechanism induces a dynamic distortion: the option is exercised later than under the comparable welfare-maximising mechanism. 相似文献
2.
Oleksii Birulin 《Journal of Economic Theory》2011,146(4):1398-1417
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. 相似文献
3.
This paper studies asymmetric first-price menu auctions in the procurement environment where the buyer does not commit to a decision rule and asymmetric sellers have interdependent costs and statistically affiliated signals. Sellers compete in bidding a menu of contracts, where a contract specifies a vector of characteristics and a payment required from the buyer for delivering these characteristics. The buyer does not commit ex-ante to a decision rule but rather upon observing all the menus offered by sellers chooses the best contract. This paper establishes the existence of a continuum of separating monotone equilibria in this game bounded above by the jointly ex-post efficient outcome and below by the jointly interim efficient outcome. It shows that the jointly ex-post efficient equilibrium outcome is the only ex-post renegotiation-proof outcome and it is also ex-ante robust to all continuation equilibria. 相似文献
4.
We prove that the maximal bid in asymmetric first-price and all-pay auctions is the same for all bidders. Our proof is elementary, and does not require that bidders are risk neutral, or that the distribution functions of their valuations are independent or smooth. 相似文献
5.
When the owner of an object sells it through an auction run by an agent of hers, corruption may appear. In a first-price auction, corruption can make honest bidders more or less aggressive, or their behavior can remain unchanged. We identify sufficient conditions for each of the three possibilities. We analyze the effects of corruption on efficiency, bidders’ welfare and expected revenue. Our results apply as well to the situation—unrelated to corruption—where one of the bidders is granted a right of first refusal. 相似文献
6.
This paper studies revenue-maximizing auctions when buyers' outside options depend on their private information and are endogenously chosen by the seller. We show that the revenue-maximizing assignment of the object can depend crucially on the outside options that the seller can choose as threats. Depending on the shape of outside options, sometimes an optimal mechanism allocates the object in an ex-post efficient way, and, other times, buyers obtain the object more often than is efficient. 相似文献
7.
This paper describes a nearly optimal auction mechanism that does not require previous knowledge of the distribution of values of potential buyers. The mechanism we propose builds on the new literature on the elicitation of information from experts. We extend the latter to the case where the secret information shared by the experts–potential buyers in our model–can be used against them if it becomes public knowledge. 相似文献
8.
The all-pay auction with complete information 总被引:11,自引:0,他引:11
Summary In a (first price) all-pay auction, bidders simultaneously submit bids for an item. All players forfeit their bids, and the high bidder receives the item. This auction is widely used in economics to model rent seeking, R&D races, political contests, and job promotion tournaments. We fully characterize equilibrium for this class of games, and show that the set of equilibria is much larger than has been recognized in the literature. When there are more than two players, for instance, we show that even when the auction is symmetric there exists a continuum of asymmetric equilibria. Moreover, for economically important configurations of valuations, there is no revenue equivalence across the equilibria; asymmetric equilibria imply higher expected revenues than the symmetric equilibrium.We are grateful to Jacques Crémer, Chuangyin Dang, Jürgen Dennert, Chaim Fershtman, Martin Hellwig, Arthur Robson, Heinrich Ursprung, Eric van Damme, Ton Vorst, and the referees for helpful comments. We benefitted from presentations at the World Congress of the Econometric Society in Barcelona, the European Meeting on the Economics of Information at Tilburg University, the Midwest Mathematical Economics Meetings at the University of Illinois, and seminars at Texas A&M University, The Pennsylvania State University, Tilburg University and the University of Montreal. Baye is grateful for support from the CentER for Economic Research at Tilburg University and the Tinbergen Institute where earlier versions of this paper were completed. Kovenock acknowledges support from Erasmus Universiteit Rotterdam, the Tinbergen Institute, the Center for Economic Studies at the University of Munich, the Institut d'Analisi Economica CSIC at the Universitat Autonoma de Barcelona, the Krannert School of Management, and the Jay N. Ross Young Faculty Scholar Award. 相似文献
9.
Pervasive overbidding represents a well-documented feature of all-pay auctions. Aggregate bids exceed Nash predictions in laboratory experiments, and individuals often submit bids that guarantee negative profits. This paper examines three factors that may reduce pervasive overbidding: (a) repetition (experience), (b) reputation (strangers vs. partners), and (c) active participation. Reputation and repetition reduce aggregate overdissipation, but they eliminate it only in conjunction with active participation. 相似文献
10.
In a bargaining setting with asymmetrically informed, inequity-averse parties, a fully efficient mechanism (i.e., the double auction) exists if and only if compassion is strong. Less compassionate parties do not trade in the double auction in the limit of strong envy. 相似文献
11.
We report experiments studying mixed strategy Nash equilibria that are theoretically stable or unstable under learning. The Time Average Shapley Polygon (TASP) predicts behavior in the unstable case. We study two versions of Rock-Paper-Scissors that include a fourth strategy, Dumb. The unique Nash equilibrium is identical in the two games, but the predicted frequency of Dumb is much higher in the game where the NE is stable. Consistent with TASP, the observed frequency of Dumb is lower and play is further from Nash in the high payoff unstable treatment. However, Dumb is played too frequently in all treatments. 相似文献
12.
Jacob K. Goeree 《European Economic Review》2003,47(4):625-644
We report the results of a series of second-price auction experiments where each bidder's signal is given by a normally distributed value plus a normally distributed error. While bidders’ values differ in one treatment they are the same in another, which allows for a direct test of the “winner's curse” irrespective of confounding factors. Bidders may also fall prey to a “news curse” when they do not sufficiently take into account that signals and errors are correlated. We find that the effects of the winner's curse are mitigated by a news curse and loss or risk aversion. 相似文献
13.
The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete information, and in so doing identify what we call the “Herodotus paradox.” 相似文献
14.
Andreas Blume 《Journal of Economic Theory》2004,114(1):170-177
This paper characterizes the set of Nash equilibria in the second-price sealed-bid auction with independent private values and three or more bidders. In addition, we show that any effective reserve price implies uniqueness. 相似文献
15.
This article proposes a nonlinear scoring rule which transforms multiple attributes of a bid into comparable dimensionless ones. Practically, the buyer can use it to select the most competitive winner. For risk-neutral bidders, we characterize a symmetric Bayes–Nash equilibrium and find that as the number of bidders increases the equilibrium quality improves, whereas the equilibrium price decreases. 相似文献
16.
Jacob K. Goeree 《Journal of Economic Theory》2003,108(2):345-364
This paper considers auctions where bidders compete for an advantage in future strategic interactions. When bidders wish to exaggerate their private information, equilibrium bidding functions are biased upwards as bidders attempt to signal via the winning bid. Signaling is most prominent in second-price auctions where equilibrium bids are “above value.” In English and first-price auctions, signaling is less extreme since the winner incurs the cost of her signaling choice. The opportunity to signal lowers bidders’ payoffs and raises revenue. When bidders understate their private information, separating equilibria need not exist and the auction may not be efficient. 相似文献
17.
In spring 2000, the British government auctioned off licences for Third Generation mobile telecommunications services. In the preparation of the auction, two designs involving each a hybrid of an English and a sealed-bid auction were considered by the government: A discriminatory and a uniform price variant. We report an experiment on these two designs, and also compare the results to those with a pure English auction. Both hybrids are similar in efficiency, revenue differences disappear as bidders get experienced. Compared to the discriminatory format, the pure English auction induces more entry. 相似文献
18.
Gabriella Chiesa 《Journal of Economic Theory》2009,144(1):296-311
We analyze an abstract model of trading where N principals submit quantity-payment schedules that describe the contracts they offer to an agent, and the agent then chooses how much to trade with every principal. This represents a special class of common agency games with complete information. We study all the subgame perfect Nash equilibria of these games, not only truthful ones, providing a complete characterization of equilibrium payoffs. In particular, we show that the equilibrium that is Pareto-dominant for the principals is not truthful when there are more than two of them. We also provide a partial characterization of equilibrium strategies. 相似文献
19.
Abstract. In one‐shot investment games where each player's payoff is a convex combination of own and other's profit, we measure trust by the amount given to the trustee and trustworthiness by the amount returned to the trustor by the trustee. Does the degree of payoff interdependence increase both trust and trustworthiness or one but not the other or neither of them? According to our experimental data, trust remains unaffected by the extent of interdependence whereas trustworthiness reacts positively to it. 相似文献
20.
Bernard Lebrun 《Journal of Economic Theory》2010,145(5):2037-2043
When the price setter in post-auction resale is chosen according to exogenous probabilities, Hafalir and Krishna (2008) [2] showed that the first-price auction brings more expected revenues than the second-price auction with truth-bidding bidders. We complete their revenue ranking by proving that the first-price auction produces higher expected revenues the higher the probability the auction winner sets the resale price. 相似文献