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First-Price Auctions

In: Auction Theory

Author

Listed:
  • Pak-Sing Choi

    (National Central University)

  • Felix Munoz-Garcia

    (Washington State University)

Abstract

In this chapter, we analyze first-price auctions, where every bidder privately observes his valuation for the object and submits his bid to the seller (e.g., in a sealed envelope). The seller ranks all bids, selects as a winner the bidder who submitted the highest bid to pay the bid he submitted. All other bidders pay zero and not receive the object.

Suggested Citation

  • Pak-Sing Choi & Felix Munoz-Garcia, 2021. "First-Price Auctions," Springer Texts in Business and Economics, in: Auction Theory, chapter 2, pages 27-61, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-69575-0_2
    DOI: 10.1007/978-3-030-69575-0_2
    as

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