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First-price vs second-price auctions under risk aversion and private affiliated values

Author

Listed:
  • François Maréchal

    (CRESE, University of Franche-Comté (France))

Abstract

Under a specific informational framework, we compare the seller's expected revenue from a first-price auction and a second-price auction when bidders are risk averse and have private affiliated values.

Suggested Citation

  • François Maréchal, 2011. "First-price vs second-price auctions under risk aversion and private affiliated values," Economics Bulletin, AccessEcon, vol. 31(2), pages 1765-1771.
    • Handle: RePEc:ebl:ecbull:eb-11-00324
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    File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I2-P161.pdf
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    References listed on IDEAS

    as
    1. Thomas VON UNGERN-STERNBERG, 1990. "Swiss Auctions," Cahiers de Recherches Economiques du Département d'économie 9001, Université de Lausanne, Faculté des HEC, Département d’économie.
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      More about this item

      Keywords

      auctions; risk aversion; private affiliated values;
      All these keywords.

      JEL classification:

      • D4 - Microeconomics - - Market Structure, Pricing, and Design
      • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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