First-Price Auctions with General Information Structures: A Short Introduction

Dirk Bergemann, Benjamin Brooks and Stephen Morris

No 2132, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: In a recent paper, [Bergemann et al. 2017a], we derive results about equilibrium behavior in the first-price auction that hold across all common-prior information structures. The purpose of this letter is to give an informal introduction into the results. At the end we offer a brief discussion of related work.

Keywords: First-price auction; Information structure; Bayes correlated equilibrium; Private values; Interdependent values; Common values; Revenue; Surplus; Welfare bounds; Reserve price (search for similar items in EconPapers)
Pages: 11 pages
Date: 2018-05
New Economics Papers: this item is included in nep-des and nep-gth
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