Similar Search Results

Information aggregation in competitive markets

Siga, Lucas; Mihm, Maximilian - In: Theoretical economics : TE ; an open access journal in … 16 (2021) 1, pp. 161-196

We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our main result identifies a property of information---the betweenness property---that is both necessary and sufficient for information aggregation. The characterization provides...

Persistent link: https://www.econbiz.de/10012415617

Auctions, actions, and the failure of information aggregation

Atakan, Alp; Ekmekci, Mehmet - 2012

extra information about the state. Our findings sharply contrast with past work which shows that in large auctions where … there is no ex-post action, the auction price aggregates information. -- Auctions ; Large markets ; Information Aggregation …

Persistent link: https://www.econbiz.de/10009632293

Efficiency and information aggregation in large uniform-price auctions

Bodoh-Creed, Aaron - In: Journal of economic theory 148 (2013) 6, pp. 2436-2466

Persistent link: https://www.econbiz.de/10010257925

Strategic Foundations of Rational Expectations

Barelli, Paulo; Govindan, Srihari; Wilson, Robert - 2022

attainable using mechanisms in a class that includes auctions. An average crossing property on the primitives is a sufficient … equilibrium outcomes of auctions with finitely many traders of each type and fine grids of the state, signals and bids …

Persistent link: https://www.econbiz.de/10014029999

Why are open ascending auctions popular? : the role of information aggregation and behavioral biases

Offerman, Theo; Romagnoli, Giorgia; Ziegler, Andreas - 2020

The popularity of open ascending auctions is often attributed to the fact that openly observable bidding allows to … activate revenue enhancing biases. In an experiment, we compare three auctions that differ in how much information is revealed …

Persistent link: https://www.econbiz.de/10012427695

Why are open ascending auctions popular? : the role of information aggregation and behavioral biases

Offerman, Theo; Romagnoli, Giorgia; Ziegler, Andreas - In: Quantitative economics : QE ; journal of the … 13 (2022) 2, pp. 787-823

Persistent link: https://www.econbiz.de/10013382048

Reputation building with endogenous speed of learning

Pei, Harry - 2019

I study reputation models in which information about the long-run player's past behavior is dispersed among short-run players. I identify two challenges to reputation building when such information is aggregated via the short-run players' actions. First, when the long-run player's action can...

Persistent link: https://www.econbiz.de/10012169393

A Learning Approach to Auctions

Monderer, Dov; Sela, Aner - 1998

We analyze a repeated first-price auction in which the types of the players are determined before the first round. It is proved that if every player is using either a belief-based learning scheme with bounded recall or a generalized fictitious play learning scheme, then for sufficiently large...

Persistent link: https://www.econbiz.de/10014091033

Good Bids Come to Those Who Wait : The Value of Late Bidding in Online Auctions

Lim, Bryan; Shemesh, Joshua - 2019

bidding on subsequent auctions for equivalent items creates an option value to losing the current auction. This option is … dynamic due to the stochastic arrival of new auctions and early bids on later-closing auctions. We demonstrate that late … bidding can be optimal given the decentralized and heterogeneous nature of online auctions, in which the option value is …

Persistent link: https://www.econbiz.de/10014189013

Informational hold up and intermediaries

Utgoff, Naomi - In: Games 13 (2022) 5, pp. 1-14

Why do some incomplete information markets feature intermediaries while others do not? I study the allocation of two goods in an incomplete information setting with a single principal, multiple agents with unit demand, and interdependent valuations. I construct a novel dynamic mechanism...

Persistent link: https://www.econbiz.de/10014418049