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Sealed-bid auctions based on Cobb-Douglas utility function

This paper presents a more general independent private value model based on the assumption that Cobb-Douglas utility function is used to make a tradeoff between the probability of winning the unit and the profit under the first-price and second-price sealed-bid auctions. The equilibrium bidding strategies are given and the seller's expected revenue comparisons are made.
Year of publication:
2010
Authors: Liu, Shulin ; Wang, Mingxi
Published in:
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 107.2010, 1, p. 1-3
Publisher: Elsevier
Keywords: First-price and second-price sealed-bid auctions Bidding strategy Expected revenue Cobb-Douglas utility function
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Type of publication: Article
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Persistent link: https://www.econbiz.de/10008551332
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