We formally study two bidder first-price, second-price, and all-pay auctions with known values, deriving the equilibrium payoffs and strategies and showing when all three yield the same equilibrium payoffs to the bidders. This latter result, the tripartite auction theorem, does not hold for all auctions, in particular it can fail for symmetric auctions with high stakes and in auctions with very low stakes.

The tripartite auction folk theorem / Levine D.K.; Mattozzi A.; Modica S.. - In: EUROPEAN ECONOMIC REVIEW. - ISSN 0014-2921. - ELETTRONICO. - 162:(2024), pp. 104656.1-104656.12. [10.1016/j.euroecorev.2023.104656]

The tripartite auction folk theorem

Levine D. K.;Mattozzi A.;Modica S.
2024

Abstract

We formally study two bidder first-price, second-price, and all-pay auctions with known values, deriving the equilibrium payoffs and strategies and showing when all three yield the same equilibrium payoffs to the bidders. This latter result, the tripartite auction theorem, does not hold for all auctions, in particular it can fail for symmetric auctions with high stakes and in auctions with very low stakes.
2024
The tripartite auction folk theorem / Levine D.K.; Mattozzi A.; Modica S.. - In: EUROPEAN ECONOMIC REVIEW. - ISSN 0014-2921. - ELETTRONICO. - 162:(2024), pp. 104656.1-104656.12. [10.1016/j.euroecorev.2023.104656]
Levine D.K.; Mattozzi A.; Modica S.
File in questo prodotto:
File Dimensione Formato  
EER.pdf

accesso aperto

Tipo: Versione (PDF) editoriale
Licenza: Licenza per Accesso Aperto. Creative Commons Attribuzione (CCBY)
Dimensione 544.3 kB
Formato Adobe PDF
544.3 kB Adobe PDF Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/960691
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 0
  • ???jsp.display-item.citation.isi??? 0
social impact