Rules (of Bidding) to Generate Equal Stated Profits: An Axiomatic Approach

Although one may hope to achieve equality of stated profits without enforcing it, one may not trust in such voluntary equality seeking and rather try to impose rules (of bidding) guaranteeing it. Our axiomatic approach is based on envy-free net trades according to bids, which, together with the equality requirement, characterize the first-price auction and fair-division game.

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Year of publication:	2011
Authors:	Güth, Werner
Published in:	Journal of Institutional and Theoretical Economics (JITE). - ISSN 0932-4569. - Vol. 167.2011, 4, p. 608-612

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Extent:	text/html
Type of publication:	Article
Classification:	D44 - Auctions ; D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; C72 - Noncooperative Games ; D74 - Conflict; Conflict Resolution; Alliances
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009421918