Bidding in first-price auctions crucially depends on the beliefs of the bidders about their competitors' willingness to … uncertainty a bidder will expect to face the distribution of valuations that minimizes her expected utility, given her bid is an …

most importantly to the risk entailed in their portfolio. Bidders possess symmetric information concerning the secondary … market's yield. We choose to use a uniform pricing mechanism contrary to discriminatory as the former generates more revenues … and reduces the winner's curse. As a first step, we prove the existence of symmetric Bayesian Nash equilibrium when risk …

I investigate the decision problem of a player in a game of incomplete information who faces uncertainty about the … uncertainty. A bidder following this decision criterion in a first-price auction expects all other bidders to bid their highest …

We analyze security-bid auctions in which two risk-neutral sellers compete for risk-averse bidders. Sellers face a … risk-averse, all equilibria are symmetric. Meanwhile, when they are heterogeneously risk-averse, there is always an … equilibrium in which one seller chooses a steeper family to serve the more-risk-averse bidders, while the other chooses a flatter …

value uncertainty before submitting bids for a joint project. The results suggest a relatively efficient mechanism, with …, while uncertain information reduced it. The subjects invested surprisingly little search effort to reduce the uncertainty …

Traditional analysis of auctions assumes that each bidder's beliefs about opponents' valuations are represented by a … relaxing this assumption in the first and second price sealed bid auctions with independent private values. The multiple priors …

We analyse the optimal auction of multiple non-identical objects when buyers are risk averse. We show that the auction … formats that yield the maximum revenue in the risk neutral case are no longer optimal. In particular, selling the goods … risk aversion of the buyers. The optimal auction which remains weakly efficient has the following properties: The seller …

odds he faces are and, as a consequence, risk an arbitrarily high proportion of his wealth on the outcome of a single event …