Pure strategy equilibria of multidimensional and non-monotonic auctions
Autor(a) principal: | |
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Data de Publicação: | 2004 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/1010 |
Resumo: | We give necessary and sufficient conditions for the existence of symmetric equilibrium without ties in interdependent values auctions, with multidimensional independent types and no monotonic assumptions. In this case, non-monotonic equilibria might happen. When the necessary and sufficient conditions are not satisfied, there are ties with positive probability. In such case, we are still able to prove the existence of pure strategy equilibrium with an all-pay auction tie-breaking rule. As a direct implication of these results, we obtain a generalization of the Revenue Equivalence Theorem. From the robustness of equilibrium existence for all-pay auctions in multidimensional setting, an interpretation of our results can give a new justification to the use of tournaments in practice. |
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Moreira, Humberto AtaídeAraújo, Aloísio Pessoa deCastro Filho, Luciano I. deEscolas::EPGEFGV2008-05-13T15:46:52Z2008-05-13T15:46:52Z2004-11-010104-8910http://hdl.handle.net/10438/1010We give necessary and sufficient conditions for the existence of symmetric equilibrium without ties in interdependent values auctions, with multidimensional independent types and no monotonic assumptions. In this case, non-monotonic equilibria might happen. When the necessary and sufficient conditions are not satisfied, there are ties with positive probability. In such case, we are still able to prove the existence of pure strategy equilibrium with an all-pay auction tie-breaking rule. As a direct implication of these results, we obtain a generalization of the Revenue Equivalence Theorem. From the robustness of equilibrium existence for all-pay auctions in multidimensional setting, an interpretation of our results can give a new justification to the use of tournaments in practice.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;571AuctionsPure strategy equilibriaNon-monotonic bidding functionsTie-breaking rulesEconomiaLeilõesPure strategy equilibria of multidimensional and non-monotonic auctionsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINAL1745.pdfapplication/pdf570062https://repositorio.fgv.br/bitstreams/c474f1a1-a9ce-427a-bbc1-84371dcb2906/download0ad95727078fed03888a1ca6fb2d91d6MD51TEXT1745.pdf.txt1745.pdf.txtExtracted texttext/plain104950https://repositorio.fgv.br/bitstreams/77e8a78a-32c1-4319-82ee-1e3954c789ee/downloada3362fb51ab4267e3dfcae3a287c90afMD56THUMBNAIL1745.pdf.jpg1745.pdf.jpgGenerated Thumbnailimage/jpeg3290https://repositorio.fgv.br/bitstreams/70f35b99-2433-4e23-b4ba-1d5ce4035938/download9b8530abef68403abdd6ad15bac742baMD5710438/10102023-11-09 01:40:17.624open.accessoai:repositorio.fgv.br:10438/1010https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T01:40:17Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
title |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
spellingShingle |
Pure strategy equilibria of multidimensional and non-monotonic auctions Moreira, Humberto Ataíde Auctions Pure strategy equilibria Non-monotonic bidding functions Tie-breaking rules Economia Leilões |
title_short |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
title_full |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
title_fullStr |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
title_full_unstemmed |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
title_sort |
Pure strategy equilibria of multidimensional and non-monotonic auctions |
author |
Moreira, Humberto Ataíde |
author_facet |
Moreira, Humberto Ataíde Araújo, Aloísio Pessoa de Castro Filho, Luciano I. de |
author_role |
author |
author2 |
Araújo, Aloísio Pessoa de Castro Filho, Luciano I. de |
author2_role |
author author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Moreira, Humberto Ataíde Araújo, Aloísio Pessoa de Castro Filho, Luciano I. de |
dc.subject.por.fl_str_mv |
Auctions |
topic |
Auctions Pure strategy equilibria Non-monotonic bidding functions Tie-breaking rules Economia Leilões |
dc.subject.eng.fl_str_mv |
Pure strategy equilibria Non-monotonic bidding functions Tie-breaking rules |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Leilões |
description |
We give necessary and sufficient conditions for the existence of symmetric equilibrium without ties in interdependent values auctions, with multidimensional independent types and no monotonic assumptions. In this case, non-monotonic equilibria might happen. When the necessary and sufficient conditions are not satisfied, there are ties with positive probability. In such case, we are still able to prove the existence of pure strategy equilibrium with an all-pay auction tie-breaking rule. As a direct implication of these results, we obtain a generalization of the Revenue Equivalence Theorem. From the robustness of equilibrium existence for all-pay auctions in multidimensional setting, an interpretation of our results can give a new justification to the use of tournaments in practice. |
publishDate |
2004 |
dc.date.issued.fl_str_mv |
2004-11-01 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:46:52Z |
dc.date.available.fl_str_mv |
2008-05-13T15:46:52Z |
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/10438/1010 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/1010 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;571 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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