Showing 1 - 10 of 131
I consider a seller selling a good to bidders with two-dimensional private information: their valuation for a good and their characteristic. While valuations are non-verifiable, characteristics are partially verifiable and convey information about the distribution of a bidder's valuation. I...
Persistent link: https://www.econbiz.de/10014446315
We study optimal mechanisms for a utilitarian designer who seeks to assign a finite number of goods to a group of ex ante heterogeneous agents with unit demand. The agents have heterogeneous marginal utilities of money, which may naturally arise in environments where agents have different wealth...
Persistent link: https://www.econbiz.de/10014446290
Bidding in first-price auctions crucially depends on the beliefs of the bidders about their competitors' willingness to …
Persistent link: https://www.econbiz.de/10011946260
underperforms in terms of efficiency relative to the winner-pay auctions. …
Persistent link: https://www.econbiz.de/10012502954
I investigate the decision problem of a player in a game of incomplete information who faces uncertainty about the other players' strategies. I propose a new decision criterion which works in two steps. First, I assume common knowledge of rationality and eliminate all strategies which are not...
Persistent link: https://www.econbiz.de/10011946259
We examine a setting of independent private value auctions where bidders can covertly acquire gradual information about … allocation rule. We apply our results to a commonly used model of auctions with information acquisition. The bidders are …
Persistent link: https://www.econbiz.de/10015324410
In auctions bidders are usually assumed to have rational expectations with regards to their winning probability … auctions, I show that by decreasing the time between bids and revelation of results, the auctioneer can induce bidders to …
Persistent link: https://www.econbiz.de/10013464284
behavior in an environment with repeated auctions, pivotal suppliers and inelastic demand. The price increase can be traced … show that pay-as-bid auctions do not necessarily reduce incentives for strategic capacity withholding and collusive …
Persistent link: https://www.econbiz.de/10010313122
This paper discusses a capacity-based redispatch mechanism in which awarded market participants are compensated for their availability for redispatch, rather than activation. The rationale is to develop a market design that prevents so-called 'inc-dec gaming' when including flexible consumers...
Persistent link: https://www.econbiz.de/10014547727
We examine bidding behavior in first-price sealed-bid and Dutch auctions, which are strategically equivalent under …
Persistent link: https://www.econbiz.de/10011754320