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Asymptotic Efficiency for Discriminatory Private Value Auctions
Swinkels, Jeroen M. - Center for Mathematical Studies in Economics and … - 1996
We consider discriminatory auctions for multiple identical units of a good. Players have private values, possibly for multiple units. None of the usual assumptions about symmetry of players' distributions over values or of their equilibrium play are made. Because of this, equilibria will...
Persistent link: https://www.econbiz.de/10005824517
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On the Concentration of Allocations and Comparisons of Auctions in Large Economies
Jackson, Matthew O.; Kremer, Ilan - EconWPA - 2002
private and common valuations as special cases. We show that the key determinant of bidders' surplus (and implicitly auction … format of the auction matters. If bidders have constant marginal utilities for objects up to some limit, then uniform price …
Persistent link: https://www.econbiz.de/10005135082
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On the informational inefficiency of discriminatory price auctions
Jackson, Matthew O.; Kremer, Ilan - California Institute of Technology, Division of the … - 2004
average price in the auction is biased downward from the expected value of the objects, even in the competitive limit. In …
Persistent link: https://www.econbiz.de/10005482102