Arbeitspapier
Characterization of pure strategy equilibria in uniform price IPO auctions
We characterize pure strategy equilibria of common value multi-unit uniform price auctions under the framework of initial public offerings, where bidders have incomplete private information regarding the value of shares and submit discrete demand schedules. We show that there exists a continuum of equilibria where investors with a higher expectation about the value of shares bid for higher quantities at higher prices, and as a result the market price increases with the market value. The collusive equilibria, in which investors place bids regardless of their expectation about the value, are obtained under stricter conditions than in the continuous price case.
- Sprache
-
Englisch
- Erschienen in
-
Series: CeDEx Discussion Paper Series ; No. 2009-05
- Klassifikation
-
Wirtschaft
Auctions
Asset Pricing; Trading Volume; Bond Interest Rates
Asymmetric and Private Information; Mechanism Design
- Thema
-
IPO, uniform price auction
divisible goods auction
share auction
tacit collusion
Wertpapieremission
Auktionstheorie
Asymmetrische Information
Capital Asset Pricing Model
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Zhang, Ping
- Ereignis
-
Veröffentlichung
- (wer)
-
The University of Nottingham, Centre for Decision Research and Experimental Economics (CeDEx)
- (wo)
-
Nottingham
- (wann)
-
2009
- 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
- Zhang, Ping
- The University of Nottingham, Centre for Decision Research and Experimental Economics (CeDEx)
Entstanden
- 2009
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