Optimality and robustness of the English auction

被引：23
|
作者：
Lopomo, G [1 ]
机构：
[1] Duke Univ, Fuqua Sch Business, Durham, NC 27708 USA
来源：
GAMES AND ECONOMIC BEHAVIOR | 2001年 / 36卷 / 02期
关键词：
D O I：
10.1006/game.2000.0817
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In Milgrom and Weber's (1982, Econometrica 50, 1089-1122) "general symmetric model," under a few additional regularity conditions, the English auction maximizes the seller's expected profit within the class of all posterior-implementable trading procedures and fails to do so among all interim incentive-compatible procedures in which "losers do not pay." These results suggest that appropriate notions of robustness and simplicity which imply the optimality of the English auction for a risk-neutral seller must impose "bargaining-like" features on the set of feasible trading mechanisms. (C) 2000 Academic Press.
引用
收藏
页码：219 / 240
页数：22
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