2013•Unpublished venueRequires access
A dynamic axiomatic approach to first-price auctions
Darrell Hoy, Kamal Kishore Jain, Christopher A. Wilkens
Open publisher page 6 citations
Abstract
The first-price auction is popular in practice for its simplicity and transparency. Moreover, its potential virtues grow in complex settings where incentive compatible auctions may generate little or no revenue. Unfortunately, the first-price auction is poorly understood in theory because equilibrium is not a priori a credible predictor of bidder behavior.