Monotone Equilibrium in Multi-Unit Auctions

David McAdams ()

No 211, Econometric Society 2004 North American Summer Meetings from Econometric Society

Abstract: Existence of monotone pure strategy equilibrium is established in the discriminatory and uniform S + a-th price (a in [0, 1]) auctions of S identical objects when bidders are risk-neutral with independent signals. The model requires discrete price / quantity grids and allows for multi-dimensional signals, interdependent values, increasing marginal values, allocative externalities, and two-sided trading. Given no externalities, further, all mixed-strategy equilibria in these auctions must be ex post allocation- and interim expected payment equivalent to some monotone pure strategy equilibrium. Thus, for standard expected surplus / revenue analysis, there is no loss in restricting attention to monotone strategies

Keywords: multi-unit auctions; monotone equilibria (search for similar items in EconPapers)
JEL-codes: D44 D62 D82 (search for similar items in EconPapers)
Date: 2004-08-11
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Journal Article: Monotone Equilibrium in Multi-Unit Auctions (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:ecm:nasm04:211

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