Arbeitspapier
Rationalizable outcomes of large independent private-value first-price discrete auctions
We consider discrete versions of first-price auctions. We present a condition on beliefs about players' values such that, with any fixed finite set of possible bids and sufficiently many players, only bidding the bid closest from below to one's true value survives iterative deletion of bids that are dominated, where the dominance is evaluated using beliefs that satisfy the condition. The condition holds in an asymmetric conditionally independent environment so long as the likelihood of each type is bounded from below. In particular, with many players, common knowledge of rationality and that all types are possible in an independent and private values auction implies that players will bid just below their true value.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Paper ; No. 1321
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dekel, Eddie
Wolinsky, Asher
- Ereignis
-
Veröffentlichung
- (wer)
-
Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science
- (wo)
-
Evanston, IL
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dekel, Eddie
- Wolinsky, Asher
- Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science
Entstanden
- 2001
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