2013

Mixed Strategies in Discriminatory Divisible-good Auctions

Reprint No. 2013:19

Author(s): Edward J. Anderson, Pär Holmberg and Andrew B. PhilpottYear: 2013 Title: RAND Journal of Economics Volume (No.): 44 (1) Pages: 1–32
Online article (restrictions may apply)
Preliminary version


We introduce the concept of an offer distribution function to analyze randomized offer curves in multiunit procurement auctions. We characterize mixed-strategy Nash equilibria for pay-as-bid auctions where demand is uncertain and costs are common knowledge, a setting for which pure-strategy supply function equilibria typically do not exist. We generalize previous results on mixtures over horizontal offers as in Bertrand-Edgeworth games and also characterize novel mixtures over partly increasing supply functions. We show that the randomization can cause considerable production inefficiencies.


Reference:
Anderson, Edward J., Pär Holmberg and Andrew B. Philpott (2013), "Mixed Strategies in Discriminatory Divisible-good Auctions". RAND Journal of Economics 44(1), 1–32.

Pär Holmberg

Contact

Ph: +46 8 665 4559
Mob: +46 72 511 6866
Par.Holmberg@ifn.se

Global index of the sharing economy

Timbro SEI

2018 Bergh Funcke Wernberg - Timbro Sharing Economy Index-1fHemsidan.jpg

Andreas Bergh, IFN and Lund University, is one of the authors of this book. The Timbro Sharing Economy Index is the first global index of the sharing economy. The index has been compiled using traffic volume data and scraped data, and provides a unique insight into the driving factors behind the peer-to-peer economy.

About the book

Events

Seminars organized by IFN

 

To present ongoing research informal brown-bag seminars are held on Mondays at 11:30 am. This is an opportunity for IFN researchers to test ideas and results.

Academically oriented seminars are most of the time held on Wednesdays at 10 am. At these events researchers from IFN and other institutions present their research.

In addition, IFN organizes seminars open to the public. Topics for these are derived from the IFN research.

Research Institute of Industrial Economics, Grevgatan 34 - 2 fl, Box 55665, SE-102 15 Stockholm, Sweden | Phone: +46-(0)8-665 45 00 | info@ifn.se