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Title:Auctions when bidders prepare by investing in ideas PDF Logo
Authors:Jeitschko, Thomas D.
Wolfstetter, Elmar
Issue Date:1999
Series/Report no.:Discussion Papers, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes 2000,18
Abstract:We consider auction games where, prior to the auction, bidders spend resources to increase their valuations. The market game is solved by solving an equivalent auxiliary social choice problem. We show that standard auctions are fully efficient, whereas reserve price requirements entail a double inefficiency. Moreover, we explain how optimal auctions differ from the well-known static optimum, and sketch the impact of information spillovers.
Persistent Identifier of the first edition:urn:nbn:de:kobv:11-10047229
Document Type:Working Paper
Appears in Collections:Discussion Papers, SFB 373, HU Berlin

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