Bagwell, Kyle (contributor); … - 2003 - [Elektronische Ressource],
symmetric (Bayes-Nash) equilibria of the basic
auction. Such an equilibrium is described by a bidding function, b(ζ
∗j
), that … any equilibrium bidding function.
Lemma 4.1: (Monotonicity) In any symmetric equilibrium, if ζ
∗j
B
> ζ
∗j
S
and
b(ζ
∗j
S … better yet by not bidding, since they could then be sure to
lose whereas bidding runs a small risk of winning.
Our …