Third- and higher-price auctions

Elmar Wolfstetter

No 1996,3, SFB 373 Discussion Papers from Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes

Abstract: This paper solves the equilibrium bid functions of third- and higher-price auctions for a large class of distribution functions of bidders' valuations, assuming the symmetric independent private values framework, and risk neutrality. In all these auctions, equilibrium bids exceed bidders' valuations, and bidders raise their bids when one moves to a higher price auction, and lower bids when the number of bidders is increased.

Keywords: auctions; procurement (search for similar items in EconPapers)
JEL-codes: C72 D44 D82 H57 (search for similar items in EconPapers)
Date: 1995
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:sfb373:19963

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