Asymptotic Analysis of Large Auctions

Aner Sela, Arieh Gavious () and Gadi Fibich

No 4331, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We study private-value auctions with a large number of bidders. We calculate approximations of the equilibrium bids and the seller's revenue in first-price auctions regardless of whether the bidders are symmetric or asymmetric, or risk-neutral or risk-averse. Furthermore, we show that first-price auctions with asymmetric bidders, or risk-averse bidders, are asymptotically revenue equivalent to wide classes of standard auctions.

Keywords: Asymptotic methods; Asymmetric auctions; Revenue equivalence; Collusion; Large auctions; Risk-averse bidders (search for similar items in EconPapers)
JEL-codes: D44 (search for similar items in EconPapers)
Date: 2004-03
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