NDLI: First-price auctions with resale : the case of many bidders

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First-price auctions with resale : the case of many bidders

Content Provider	Semantic Scholar
Author	Virág, Gábor
Copyright Year	2009
Abstract	If agents engage in resale, it changes bidding in the initial auction. Resale o¤ers extra incentives for bidders with lower valuations to win the auction. However, if resale markets are not frictionless, then use values a¤ect bidding incentives, and stronger bidders still win the initial auction more often than weaker ones. I consider a rst price auction followed by a resale market with frictions, and conrm the above statements. While intuitive, our results di¤er from the two bidder case of Hafalir and Krishna (2008): the two bidders win with equal probabilities regardless of their use values. The reason is that they face a common (resale) price at the relevant margin, a property that fails with more than two bidders. Numerical simulations show that asymmetry in winning probabilities increases in the number of bidders, and in large markets resale loses its e¤ect on allocations.
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.aeaweb.org/conference/2011/retrieve.php?pdfid=285
Alternate Webpage(s)	http://www.econ.rochester.edu/Faculty/Virag/resale.pdf
Alternate Webpage(s)	https://mpra.ub.uni-muenchen.de/17094/1/MPRA_paper_17094.pdf
Alternate Webpage(s)	http://www.aeaweb.org/aea/2011conference/program/retrieve.php?pdfid=285
Language	English
Access Restriction	Open
Subject Keyword	Greater Than Naruto Shippuden: Clash of Ninja Revolution 3 Numerical linear algebra Probability Real-time bidding Simulation
Content Type	Text
Resource Type	Article

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