Affiliation, equilibrium existence and the revenue ranking of auctions
Autor(a) principal: | |
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Data de Publicação: | 2007 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12481 |
Resumo: | We consider private value auctions where bidders’ types are dependent, a case usually treated by assuming affiliation. We show that affiliation is a restrictive assumption in three senses: topological, measure-theoretic and statistical (affiliation is a very restrictive characterization of positive dependence). We also show that affiliation’s main implications do not generalize for alternative definitions of positive dependence. From this, we propose new approaches to the problems of pure strategy equilibrium existence in first-price auctions (PSEE) and the characterization of the revenue ranking of auctions. For equilibrium existence, we slightly restrict the set of distributions considered, without loss of economic generality, and offer a complete characterization of PSEE. For revenue ranking, we obtain a characterization of the expected revenue differences between second and first price auctions with general dependence of types. |
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Castro, Luciano Irineu deEscolas::EPGEFGV2014-11-18T13:50:45Z2014-11-18T13:50:45Z2007-03-01http://hdl.handle.net/10438/12481We consider private value auctions where bidders’ types are dependent, a case usually treated by assuming affiliation. We show that affiliation is a restrictive assumption in three senses: topological, measure-theoretic and statistical (affiliation is a very restrictive characterization of positive dependence). We also show that affiliation’s main implications do not generalize for alternative definitions of positive dependence. From this, we propose new approaches to the problems of pure strategy equilibrium existence in first-price auctions (PSEE) and the characterization of the revenue ranking of auctions. For equilibrium existence, we slightly restrict the set of distributions considered, without loss of economic generality, and offer a complete characterization of PSEE. For revenue ranking, we obtain a characterization of the expected revenue differences between second and first price auctions with general dependence of types.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessAuctionsAffiliationDependence of typesPure strategy equilibriumRevenue rankingEconomiaLeilõesAffiliation, equilibrium existence and the revenue ranking of auctionsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL2182.pdf2182.pdfapplication/pdf343090http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/12481/1/2182.pdf9c746325e0000610e98ef500320394afMD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Affiliation, equilibrium existence and the revenue ranking of auctions |
title |
Affiliation, equilibrium existence and the revenue ranking of auctions |
spellingShingle |
Affiliation, equilibrium existence and the revenue ranking of auctions Castro, Luciano Irineu de Auctions Affiliation Dependence of types Pure strategy equilibrium Revenue ranking Economia Leilões |
title_short |
Affiliation, equilibrium existence and the revenue ranking of auctions |
title_full |
Affiliation, equilibrium existence and the revenue ranking of auctions |
title_fullStr |
Affiliation, equilibrium existence and the revenue ranking of auctions |
title_full_unstemmed |
Affiliation, equilibrium existence and the revenue ranking of auctions |
title_sort |
Affiliation, equilibrium existence and the revenue ranking of auctions |
author |
Castro, Luciano Irineu de |
author_facet |
Castro, Luciano Irineu de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Castro, Luciano Irineu de |
dc.subject.eng.fl_str_mv |
Auctions Affiliation |
topic |
Auctions Affiliation Dependence of types Pure strategy equilibrium Revenue ranking Economia Leilões |
dc.subject.por.fl_str_mv |
Dependence of types Pure strategy equilibrium Revenue ranking |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Leilões |
description |
We consider private value auctions where bidders’ types are dependent, a case usually treated by assuming affiliation. We show that affiliation is a restrictive assumption in three senses: topological, measure-theoretic and statistical (affiliation is a very restrictive characterization of positive dependence). We also show that affiliation’s main implications do not generalize for alternative definitions of positive dependence. From this, we propose new approaches to the problems of pure strategy equilibrium existence in first-price auctions (PSEE) and the characterization of the revenue ranking of auctions. For equilibrium existence, we slightly restrict the set of distributions considered, without loss of economic generality, and offer a complete characterization of PSEE. For revenue ranking, we obtain a characterization of the expected revenue differences between second and first price auctions with general dependence of types. |
publishDate |
2007 |
dc.date.issued.fl_str_mv |
2007-03-01 |
dc.date.accessioned.fl_str_mv |
2014-11-18T13:50:45Z |
dc.date.available.fl_str_mv |
2014-11-18T13:50:45Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12481 |
url |
http://hdl.handle.net/10438/12481 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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