By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
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Extra info for Advances in economics and econometrics, vol. 1
3) whereas in case (ii), we have v 1A (s1A , s2A , s3A ) < v 2A (s1A , s2A , s3A ) + v 3B (s1B , s2B , s3B ) − v 2B (s1B , s2B , s3B ). 4) Notice that buyer 1’s objective function does not depend on s1B [s1B affects only buyer 1’s valuation for good B, but buyer 1 is not allocated B in either case (i) or (ii)]. Hence, the equilibrium outcome of any auction cannot turn on the value of this parameter. 4)] holds cannot depend on s1B . 4), that v 3B (s1B , s2B , s3B ) − v 2B (s1B , s2B , s3B ) must be independent of s1B .
Weak bidders have an incentive to enter such an auction because they know they have a chance of winning at the sealed-bid stage if they can survive to be among the ﬁve ﬁnalists. 46,47 Translating this idea into a more traditional economics context suggests a theory of why ﬁrms might ration their output at prices in which there is excess demand as, for example, microprocessor manufacturers routinely do after the introduction of a new chip. Raising the price to clear the market would correspond to running an ascending auction.
Dealer Sales There is massive interest in the implications of e-commerce and internet sales. ” But is transparency a good thing? Auction theory shows that internet sales need not be good for consumers. Clearly, transparent prices beneﬁt consumers if they reduce consumers’ search costs so that, in effect, there are more competitors for every consumer,30 and internet sales may also lower prices by cutting out the ﬁxed costs of dealerships, albeit by also cutting out the additional services that dealers provide.