Optimal Auctions for Asymmetrically Budget Constrained Bidders

Alexey Malakhov and Rakesh V. Vohra

No 1419, Discussion Papers from Northwestern University, Center for Mathematical Studies in Economics and Management Science

Abstract: We consider an environment with a single divisible good and two bidders. The valuations of the bidders are private information but one bidder has a commonly known budget constraint. For this environment we derive the revenue maximizing subsidy free incentive compatible auction. We also examine the case when the budget constraint is private information but bidders must post a bond.

Date: 2005-12
New Economics Papers: this item is included in nep-gth
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