Multidimensional private value auctions

• 成果类型: Article
• 署名作者: Fang, HM; Morris, S
• 署名单位: Yale University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.11.002
• 发表日期: 2006
• 页码: 1-30
• 关键词: multidimensional auctions; revenue equivalence; Allocative efficiency; information acquisition

摘要

We consider parametric examples of symmetric two-bidder private value auctions in which each bidder observes her own private Valuation as well as noisy signals about her opponent's private valuation. We show that, in such environments, the revenue equivalence between the first and second price auctions (SPAs) breaks down and there is no definite revenue ranking; while the SPA is always efficient allocatively, the first price auction (FPA) may be inefficient; equilibria may fail to exist for the FPA. We also show that auction mechanisms provide different incentives for bidders to acquire costly information about opponents' valuation. (c) 2004 Elsevier Inc. All rights reserved.