Asymmetric English auctions

This paper studies equilibria of the n-bidder single-object English, or open ascending price, auction in a setting with interdependent values and asymmetric bidders. Maskin (in: H. Siebert (Ed.), Privatization, Institut fur Weltwirtschaften der Universita¨ t Kiel, Kiel, 1992,pp. 115–136.) showed that if the values satisfy a ‘‘single crossing’’ condition, then the two bidder English auction has an efficient equilibrium. In this paper, two extensions of the single crossing condition, the ‘‘average crossing’’ condition and the ‘‘cyclical crossing’’ condition, are introduced. The main result is that under either of these conditions the n-bidder English auction has an efficient equilibrium.

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Work Title Asymmetric English auctions
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Open Access
Creators
  1. Vijay Krishna
Keyword
  1. Auctions
  2. Efficiency
License CC BY-NC 4.0 (Attribution-NonCommercial)
Work Type Article
Publisher
  1. Journal of Economic Theory
Publication Date May 17, 2003
Publisher Identifier (DOI)
  1. https://doi.org/10.1016/S0022-0531(03)00074-7
Deposited April 04, 2022

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Version 2
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  • Created
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    Publisher
    • Journal of Economic Theory
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    License
    • https://www.gnu.org/licenses/gpl.html
    • https://creativecommons.org/licenses/by-nc/4.0/
  • Published
  • Updated Work Title, Keyword, Publisher Identifier (DOI), and 1 more Show Changes
    Work Title
    • Asymmetric English Auctions
    • Asymmetric English auctions
    Keyword
    • Auctions, Efficiency
    Publisher Identifier (DOI)
    • https://doi.org/10.1016/S0022-0531(03)00074-7
    Publication Date
    • 2003
    • 2003-05-17
  • Updated