Optimality and robustness of the English auction
Publication
, Journal Article
Lopomo, G
Published in: Games and Economic Behavior
January 1, 2001
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. Journal of Economic Literature Classification Numbers: D44, D82. © 2000 Academic Press.
Duke Scholars
Published In
Games and Economic Behavior
DOI
ISSN
0899-8256
Publication Date
January 1, 2001
Volume
36
Issue
2
Start / End Page
219 / 240
Related Subject Headings
- Economic Theory
- 3803 Economic theory
- 3801 Applied economics
- 1402 Applied Economics
- 1401 Economic Theory
Citation
APA
Chicago
ICMJE
MLA
NLM
Lopomo, G. (2001). Optimality and robustness of the English auction. Games and Economic Behavior, 36(2), 219–240. https://doi.org/10.1006/game.2000.0817
Lopomo, G. “Optimality and robustness of the English auction.” Games and Economic Behavior 36, no. 2 (January 1, 2001): 219–40. https://doi.org/10.1006/game.2000.0817.
Lopomo G. Optimality and robustness of the English auction. Games and Economic Behavior. 2001 Jan 1;36(2):219–40.
Lopomo, G. “Optimality and robustness of the English auction.” Games and Economic Behavior, vol. 36, no. 2, Jan. 2001, pp. 219–40. Scopus, doi:10.1006/game.2000.0817.
Lopomo G. Optimality and robustness of the English auction. Games and Economic Behavior. 2001 Jan 1;36(2):219–240.
Published In
Games and Economic Behavior
DOI
ISSN
0899-8256
Publication Date
January 1, 2001
Volume
36
Issue
2
Start / End Page
219 / 240
Related Subject Headings
- Economic Theory
- 3803 Economic theory
- 3801 Applied economics
- 1402 Applied Economics
- 1401 Economic Theory