Non-existence of equilibrium in Vickrey, second-price, and English auctions |
| |
Authors: | Matthew O Jackson |
| |
Institution: | 1. Department of Economics, Stanford University, Stanford, USA 2. External Faculty of the Santa Fe Institute, Santa Fe, NM, USA
|
| |
Abstract: | A simple example shows that equilibria can fail to exist in second price (Vickrey) and English auctions when there are both common and private components to bidders’ valuations and private information is held on both dimensions. The example shows that equilibrium only exists in the extremes of pure private and pure common values, and that existence in standard models is not robust to a slight perturbation. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|