NDLI: First-price auctions where one of the bidders’ valuations is common knowledge

Content Provider	Springer Nature Link
Author	Martínez Pardina, Irene
Copyright Year	2006
Abstract	We analyze a private and independent valuation first-price auction under the assumption that one of the bidders’ valuations is common knowledge. We show that no pure strategy equilibrium exists and we characterize a mixed strategy equilibrium in which the bidder whose valuation is common knowledge randomizes her bid while the other bidders play pure strategies. In an example with the uniform distribution, we compare the expected profits of seller and buyers in this auction with those in a standard symmetric private valuation model.
Starting Page	31
Ending Page	51
Page Count	21
File Format	PDF
ISSN	14344742
Journal	Review of Economic Design
Volume Number	10
Issue Number	1
e-ISSN	14344750
Language	English
Publisher	Springer-Verlag
Publisher Date	2006-07-19
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Asymmetric first-price auction Economic Policy Economics general
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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First-price auctions where one of the bidders’ valuations is common knowledge