English, Article, Journal or magazine article edition: First Price Auctions: Monotonicity and Uniqueness Gustavo Rodríguez

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Bookmark: http://trove.nla.gov.au/version/153575
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • First Price Auctions: Monotonicity and Uniqueness
Author
  • Gustavo Rodríguez
Physical Description
  • preprint
Notes
  • I study monotonicity and uniqueness of the equilibrium strategies in a two-person first price auction with affiliated signals. I show that when the game is symmetric there is a unique Nash equilibrium that satisfies a regularity condition requiring that the equilibrium strategies be {\sl piecewise monotone}. Moreover, when the signals are discrete-valued, the equilibrium is unique. The central part of the proof consists of showing that at any regular equilibrium the bidders' strategies must be monotone increasing within the support of winning bids. The monotonicity result derived in this paper provides the missing link for the analysis of uniqueness in two-person first price auctions. Importantly, this result extends to asymmetric auctions.
  • Auctions, game theory
  • RePEc:upf:upfgen:208
Language
  • English
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