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Asymmetric English Auctions Revisited

Juan Dubra ()

MPRA Paper from University Library of Munich, Germany

Abstract: I introduce a property of player's valuations that ensures the existence of an ex post efficient equilibrium in asymmetric English auctions. The use of this property has the advantage of yielding an ex post efficient equilibrium without assuming differentiability of valuations or that signals are drawn from a density. These technical, non economic, assumptions have been ubiquitous in the study of (potentially) asymmetric English auctions. Therefore, my work highlights the economic content of what it takes to obtain efficient ex post equilibria. I generalize prior work by Echenique and Manelli (2006) and by Birulin and Izmalkov (2003). Relative to Krishna (2003), I weaken his single crossing properties, drop his differentiability and densities assumptions, but I assume that one player's valuation is weakly increasing in other players' signals, while he uses a different assumption (neither stronger nor weaker).

Keywords: Efficiency; English Auctions; ex-post equilibrium (search for similar items in EconPapers)
JEL-codes: D44 D82 C72 (search for similar items in EconPapers)
Date: 2006-10-04, Revised 2006-11-05
New Economics Papers: this item is included in nep-gth
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