Logo
Munich Personal RePEc Archive

Second-price Auction with Two-Dimensional Private Information on Values and Participation Costs

Cao, Xiaoyong and Tian, Guoqiang (2007): Second-price Auction with Two-Dimensional Private Information on Values and Participation Costs.

Warning
There is a more recent version of this item available.
[thumbnail of MPRA_paper_41224.pdf]
Preview
PDF
MPRA_paper_41224.pdf

Download (283kB) | Preview

Abstract

This paper studies equilibria of second price auctions when values and participation costs are both privation information and are drawn from general distribution functions. We consider the existence and uniqueness of equilibrium. It is shown that there always exists an equilibrium for this general economy, and further there exists a unique symmetric equilibrium when all bidders are ex ante homogenous. Moreover, we identify a sufficient condition under which we have a unique equilibrium in a heterogenous economy with two bidders. Our general framework covers many relevant models in the literature as special cases.

Available Versions of this Item

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.