Optimal Auction with Resale.
This paper investigates the design of seller-optimal auctions when winning bidders can attempt to resell the good. In that case, the optimal allocation characterized by Myerson (1981) cannot be achieved without resale. I find a sufficient and necessary condition for sincere bidding given the possibi...
| Publicado en: | Econometrica Vol. 70; no. 6; pp. 2197 - 2225 |
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| Formato: | Artículo |
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Wiley-Blackwell
November 2002
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513157323&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513157323 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00129682 ECN jtl: Econometrica issn: 00129682 maglogo: N pubinfo: dt: November 2002 vid: 70 iid: 6 pid: 480 pub: Wiley-Blackwell artinfo: ui: 513157323 10.1111/1468-0262.00374 ppf: 2197 ppct: 28 formats: tig: atl: Optimal Auction with Resale. aug: au: Zheng, Charles Zhoucheng su: Auctions Mathematical models Resource allocation -- Mathematical models sug: subj: Auctions Mathematical models Resource allocation -- Mathematical models ab: This paper investigates the design of seller-optimal auctions when winning bidders can attempt to resell the good. In that case, the optimal allocation characterized by Myerson (1981) cannot be achieved without resale. I find a sufficient and necessary condition for sincere bidding given the possibility of resale. In two-bidder cases, I prove that the Myerson allocation can be achieved under standard conditions supplemented with two assumptions. With three or more bidders, achieving the Myerson allocation is more difficult. I prove that it can be implemented in special cases. In those cases, the Myerson allocation is generated through a sequence of resale auctions, each optimally chosen by a reseller. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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