Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/117891 
Autor:innen: 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Nota di Lavoro No. 12.2004
Verlag: 
Fondazione Eni Enrico Mattei (FEEM), Milano
Zusammenfassung: 
We prove the existence of an increasing equilibrium, and study the comparative statics of correlation in the k-double auction with affiliated private values. This is supposedly the simplest bilateral trading mechanism that allows for dependence in valuations between buyers and sellers. In the case k ?{0 ,1} there exists a unique equilibrium in non-dominated strategies. Using this equilibrium we show that correlation has a dual effect on strategic bidding. It might impose bidders to become more or less aggressive depending on their private valuation, and on the level of correlation. In the case k ? (0 ,1), we prove the existence of a family of strictly increasing equilibria, and demonstrate them using examples. Moreover, we show that equilibria in the case of independent private values are pointwise limits of equilibria with strictly affiliated private values.
Schlagwörter: 
Double auctions
Affiliation
JEL: 
C72
D44
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
2.48 MB





Publikationen in EconStor sind urheberrechtlich geschützt.