Equilibrium transformations and the Revenue Equivalence Theorem |
| |
Authors: | Balzs Szentes |
| |
Institution: | Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60637, USA |
| |
Abstract: | I develop a method that transforms an equilibrium strategy profile from one auction to another. The method is constructive and does not require complicated computation. This provides a new approach to revenue equivalence and extends the theorem to domains where it had not previously been known, in particular to simultaneous multiple object auctions with complete information and to auction environments having correlated private values and common values. |
| |
Keywords: | Revenue equivalence First price Second price |
本文献已被 ScienceDirect 等数据库收录! |
|