Bidding against an unknown number of competitors sharing affiliated information


Vleugels, Jan


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URL: http://ub-madoc.bib.uni-mannheim.de/2898
URN: urn:nbn:de:bsz:180-madoc-28983
Document Type: Working paper
Year of publication: 1997
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Classification: JEL: D44 ,
Subject headings (SWD): Auktionstheorie , Informationsökonomie , Theorie
Abstract: In the general symmetric model of Milgrom and Weber, equilibrium bidding is analyzed with a stochastic number of bidders. the equilibrium strategies generalize the known expressions in a coherent way. For the equilibrium bid function of the first price auction, an interpretation involving 'marginal winning probabilities' is proposed. With ageneralized version of the linkage principle, the well-known revenue ranking theorems extend to a stochastic number of bidders. As an application, we show that the seller's generically optimal information policy regarding the number of competitors is concealing the information.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Vleugels, Jan (1997) Bidding against an unknown number of competitors sharing affiliated information. Open Access [Working paper]
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