kmth price sealed-bid auctions with general independent values and equilibrium linear mark-ups

Martin Skitmore
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Martin Skitmore: Queensland University of Technology, Queensland, Australia

Journal of the Operational Research Society, 2014, vol. 65, issue 12, 1864-1875

Abstract: A generalised bidding model is developed to calculate a bidder’s expected profit and auctioners expected revenue/payment for both a General Independent Value and Independent Private Value (IPV) kmth price sealed-bid auction (where the mth bidder wins at the kth bid payment) using a linear (affine) mark-up function. The Common Value (CV) assumption, and highbid and lowbid symmetric and asymmetric First Price Auctions and Second Price Auctions are included as special cases. The optimal n bidder symmetric analytical results are then provided for the uniform IPV and CV models in equilibrium. Final comments concern implications, the assumptions involved and prospects for further research.

Date: 2014
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