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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 1, Number 1 (March 2006) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/4778

Title: Revenue comparisons for auctions when bidders have arbitrary types
Authors: Yeon-Koo, Che; Columbia University and University of Wisconsin--Madison
Ian, Gale; Georgetown University
Keywords: Auctions, multidimensional types and atoms, risk aversion, Gateaux differentiable preferences
C70, D44
Issue Date: 2-Mar-2006
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 1, No 1 (2006), pages 95-118
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] This paper develops a methodology for characterizing expected revenue from auctions when bidders' types come from an arbitrary distribution. In particular, types may be multidimensional, and there may be mass points in the distribution. One application extends existing revenue equivalence results. Another application shows that first-price auctions yield higher expected revenue than second-price auctions when bidders are risk averse and face financial constraints. This revenue ranking extends to risk-averse bidders with general forms of non-expected utility prefererences.
URI: http://hdl.handle.net/1807/4778
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20060095
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 1, Number 1 (March 2006)

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