English, Article, Journal or magazine article edition: The Impact of Resale on 2-Bidder First-Price Auctions where One Bidder's Value is Commonly Known Thomas Tröger

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Bookmark: http://trove.nla.gov.au/version/52369
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Impact of Resale on 2-Bidder First-Price Auctions where One Bidder's Value is Commonly Known
Author
  • Thomas Tröger
Physical Description
  • preprint
Notes
  • We consider 2-bidder first-price auctions where one bidder's value is commonly known. Such auctions induce an ineffcient allocation. We show that a resale opportunity, where the auction winner can make a take-it-or-leave-it offer to the loser, increases (reduces) the ineffciency of the market when the buyer with the commonly known value is weak (strong). Resale always reduces all bidders' payoffs and increases the initial seller's revenue.
  • asymmetric first-price auctions, resale, effciency
  • RePEc:bon:bonedp:bgse25_2004
Language
  • English
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