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Equilibria in Multi-unit Auctions

Author

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  • Michal Bresky

Abstract

The paper shows the existence of a pure strategy Nash equlibrium for a general class of multi-unit auctions. The seller offers k identical units of goods and sets the minimum accepted bid (reservation price). Any bidder has an arbitrary distribution of values for the units on which they submit up to k bids. The class of games includes uniform-price, pay-your-bid, all-pay and Vickery auction as polar cases. The conditions for the existence of a pure weakly increasing strategy equlibrium are specified, and the essential equilibrium properties are discussed.

Suggested Citation

  • Michal Bresky, 1999. "Equilibria in Multi-unit Auctions," CERGE-EI Working Papers wp145, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    • Handle: RePEc:cer:papers:wp145
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    File URL: http://www.cerge-ei.cz/pdf/wp/Wp145.pdf
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    Citations

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    Cited by:

    1. Maskin, Eric & Riley, John, 2003. "Uniqueness of equilibrium in sealed high-bid auctions," Games and Economic Behavior, Elsevier, vol. 45(2), pages 395-409, November.
    2. McAdams, David, 2002. "Monotone Equilibrium in Multi-Unit Auctions," Working papers 4254-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    3. Michal Bresky, 2008. "Properties of Equilibrium Strategies in Multiple-Unit, Uniform-Price Auctions," CERGE-EI Working Papers wp354, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    4. Wiroy Shin, 2013. "Simultaneous auctions for complementary goods," Papers 1312.2641, arXiv.org.
    5. Han, Seungjin, 2013. "Asymmetric first-price menu auctions under intricate uncertainty," Journal of Economic Theory, Elsevier, vol. 148(5), pages 2068-2095.
    6. Raphael Calel, 2010. "Auctioning conservation contracts in thepresence of externalities," GRI Working Papers 22, Grantham Research Institute on Climate Change and the Environment.
    7. Michal Bresky, 2008. "Pure Equilibrium Strategies in Multi-unit Auctions with Private Value Bidders," CERGE-EI Working Papers wp376, The Center for Economic Research and Graduate Education - Economics Institute, Prague.

    More about this item

    Keywords

    Multi-unit auction; multiple-object auction; existence of equilibrium in discontinuous games; all-pay; pay-your-bid and uniform-price auction with reservation price.;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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