논문KCI 등재
Interdependent Value Auctions with an Insider Bidder
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참고문헌
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초록
We study the efficiency of standard auctions with interdependent values in which one of two bidders is perfectly informed of his value while the other is partially informed. The second-price auction, as well as English auction, has a unique ex-post equilibrium that yields efficient allocation. By contrast, the first-price auction has no efficient equilibrium.
Abstract
We study the efficiency of standard auctions with interdependent values in which one of two bidders is perfectly informed of his value while the other is partially informed. The second-price auction, as well as English auction, has a unique ex-post equilibrium that yields efficient allocation. By contrast, the first-price auction has no efficient equilibrium.
참고문헌 (14)
- Bikhchandani, S., "Equilibria in Open Common Value Auctions", Journal of Economic Theory, 53(1), pp.101~130 (1991)
- Campbell, C., "Can the Seller Benefit from an Insider in Common-Value Auctions?", Journal of Economic Theory, 91(1), pp.106~120 (2000)
- Change, S.-J., "Monetary Allocation Mechanism under Asymmetric Information and Limited Communication", Seoul Journal of Economics, 3(1), pp.33~71 (1990)
- Choi, S., "Interdependent Value Auctions with Insider Information: Theory and Experiment", Mimeograph, ~ (2015)
- Chung, K. -S., "Efficient and Dominance Solvable Auctions with Interdependent Valuations", Mimeograph, ~ (2000)
- Engelbrecht-Wiggans, R., "The Value of Information in a Sealed-Bid Auction", Journal of Mathematical Economics, 10(1), pp.105~114 (1982)
- Hendricks, K., "Auctions for Oil and Gas Leases with an Informed Bidder and a Random Reservation Price", Econometrica, 62(6), pp.1414~1444 (1994)
- Kim, J., "The Value of an Informed Bidder in Common Value Auctions", Journal of Economic Theory, 143(1), pp.585~595 (2008)
- Kim, J., "Asymmetric Information about Rivals’ Types in Standard Auctions", Games and Economic Behavior, 46(2), pp.383~397 (2004)
- Lebrun, B., "First Price Auction in Asymmetric N Bidder Case", International Economic Review, 40(1), pp.125~142 (1999)
- Maskin, E., "Privatization", pp.115~136 (1992), Institute fur Weltwirschaften der Universät Kiel
- Maskin, E., "Equilibrium in Sealed High Bid Auctions", Review of Economic Studies, 67(3), pp.439~454 (2000)
- Maskin, E., "Asymmetric Auctions", Review of Economic Studies, 67(3), pp.413~438 (2000)
- Milgrom, P., "A Theory of Auctions and Competitive Bidding", Econometrica, 50, pp.1089~1122 (1982)
관련 논문AI추천
Efficiency and Revenue in Asymmetric Auctions고영우, 김경민한국경제학회 · The Korean Economic Review2019 · 제35권 제2호Asymmetric Information about Rivals’ Types : Existence of Equilibrium in First-Price Auction김진우한국계량경제학회 · 계량경제학보2016 · 제27권 제1호On asymmetry in all-pay auctions윤기호한국계량경제학회 · 계량경제학보2017 · 제28권 제1호Robust Double Auction Mechanisms윤기호한국계량경제학회 · 계량경제학보2023 · 제34권 제4호Standard Auctions with Security Bids김진우한국계량경제학회 · 계량경제학보2013 · 제24권 제1호Optimal robust allocation of private goods윤기호한국계량경제학회 · 계량경제학보2018 · 제29권 제4호
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