Non-existence of equilibria in simultaneous auctions with a common budget-constraint

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作者
Gagan Ghosh
机构
[1] California State University,Department of Economics, Steven G. Mihaylo College of Business and Economics
[2] Copenhagen Business Schools,Department of Economics
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关键词
Multi-unit auction; Budget; Private values; Equilibrium non-existence;
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摘要
I analyze an auction environment where two units of an object are sold at two simultaneous, sealed-bid, first-price auctions to bidders who have a one-dimensional type space, where a type represents the value a bidder places on each of the two units. All bidders have an identical budget constraint that binds their ability to spend in the auctions. I show that if the valuation distribution is atom-less then there does not exist any equilibrium in behavioral strategies in this auction game.
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页码:253 / 274
页数:21
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