English, Article, Journal or magazine article edition: Bidding against an unknown number of competitiors sharing affiliated information Vleugels, Jan

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Bookmark: http://trove.nla.gov.au/version/43495
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Bidding against an unknown number of competitiors sharing affiliated information
Author
  • Vleugels, Jan
Physical Description
  • preprint
Notes
  • In the general symmetric model of Milgrom and Weber, equilibrium bidding is analyzed with a stochastic number of bidders. the equilibrium strategies generalize the known expressions in a coherent way. For the equilibrium bid function of the first price auction, an interpretation involving 'marginal winning probabilities' is proposed. With ageneralized version of the linkage principle, the well-knownrevenue ranking theorems extend to a stochastic number of bidders. As an application, we show that the seller's generically optimal information policy regarding the number of competitors is concealing the information.
  • RePEc:xrs:sfbmaa:97-13
Language
  • English
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