First-price sealed-bid auctions when bidders exhibit different attitudes toward risk
Résumé
When bidders have different risk aversion levels, we determine in a first-price auction the asymmetric equilibrium strategies. We analyze the impactof asymmetric risk aversion levels on bidders’ markups and on the expected revenue and allocative efficiency of the auction
Origine : Fichiers produits par l'(les) auteur(s)
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