Partition Equilibria in a Japanese-English Auction with Discrete Bid Levels for the Wallet Game
Ricardo Gonçalves () and
Indrajit Ray ()
CRETA Online Discussion Paper Series from Centre for Research in Economic Theory and its Applications CRETA
We consider the set-up of a Japanese-English auction with exogenously fi xed discrete bid levels for the wallet game with two bidders, following Gonçalves and Ray (2017). We show that in this auction, partition equilibria exist that may be separating or pooling. We illustrate some separating and pooling equilibria with two and three discrete bid levels. We also compare the revenues of the seller from these equilibria and thereby nd the optimal choices of bid levels for these cases.
Keywords: Japanese-English auctions; wallet game; discrete bids, partitions; pooling equilibrium; separating equilibrium. JEL classification numbers: C72; D44 (search for similar items in EconPapers)
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