Non-existence of equilibria in simultaneous auctions with a common budget-constraint

Gagan Ghosh

International Journal of Game Theory, 2015, vol. 44, issue 2, 253-274

Abstract: I analyze an auction environment where two units of an object are sold at two simultaneous, sealed-bid, first-price auctions to bidders who have a one-dimensional type space, where a type represents the value a bidder places on each of the two units. All bidders have an identical budget constraint that binds their ability to spend in the auctions. I show that if the valuation distribution is atom-less then there does not exist any equilibrium in behavioral strategies in this auction game. Copyright Springer-Verlag Berlin Heidelberg 2015

Keywords: Multi-unit auction; Budget; Private values; Equilibrium non-existence (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/s00182-014-0428-8

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