Optimal auction with a general distribution: virtual valuation without densities

Benar Fux Svaiter and Paulo Klinger Monteiro

No 681, Economics Working Papers (Ensaios Economicos da EPGE) from Graduate School of Economics, Getulio Vargas Foundation (Brazil)

Abstract: We characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalizedvirtual valuation. To show the wider applicability of this concept we present twoexamples showing how to extend the classical models of Mussa and Rosen and Baron andMyerson for arbitrary distributions.

Date: 2008-11-25
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