Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/234928 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 1116
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
In multi-object auction models with unitary demand agents, if agents’ utility functions satisfy quasi-linearity, three auction formats, sealed-bid auction, exact ascending auction, and approximate ascending auction, are known to identify the minimum price equilibrium (MPE), and exhibit elegant efficiency and incentive-compatibility. These auctions are conjured to preserve their properties beyond quasi-linearity. Nevertheless, we exemplify that with general utility functions, these auctions fail to identify the MPEs and are substantially inefficient and manipulatable. The implications of our negative results for multi-object auction models with agents with multi-unit demand, and matching with contracts models are also discussed.
Schlagwörter: 
Multi-object auction
minimum price equilibrium
examples
quasi-linear utility functions
general utility functions
JEL: 
C78
D44
D74
Dokumentart: 
Working Paper

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