Optimal auction with a general distribution: virtual valuation without densities

Benar Fux Svaiter and Paulo Monteiro

No 681, FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) from EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil)

Abstract: We characterize the optimal auction in an independent private values framework for a completely general distribution of valuations. We do this introducing a new concept: the generalized virtual valuation. To show the wider applicability of this concept we present two examples showing how to extend the classical models of Mussa and Rosen and Baron and Myerson for arbitrary distributions

Date: 2008-11-25
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Journal Article: Optimal auction with a general distribution: Virtual valuation without densities (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:fgv:epgewp:681

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