By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
Those 3 volumes include edited types of papers and commentaries offered in invited symposium periods of the 8th international Congress of the Econometric Society. The papers summarize and interpret fresh key advancements and destiny instructions in quite a lot of issues in economics and econometrics. They conceal concept and functions and supply a different survey of development within the self-discipline.
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Extra resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume I (Econometric Society Monographs)
Riley (1984), Optimal Auctions with Risk-Averse Buyers, Econometrica, 52, 1473–1518. Milgrom, P. and R. Weber (1982), A Theory of Auctions and Competitive Bidding, Econometrica, 50, 1081–1122. Palfrey, T. (1993), Implementation in Bayesian Equilibrium, in Advances in Economic Theory (ed. by J. J. : Cambridge University Press. Perry, M. and P. Reny (1999a), An Ex Post Efﬁcient Auction, mimeo. Perry, M. and P. Reny (1999b), An Ex Post Efﬁcient Ascending Auction, mimeo. Vickrey, W. (1961), Counterspeculation, Auctions, and Competitive Sealed Tenders, Journal of Finance, 16, 8–37.
Of course, the entry of the weaker competitor may also slightly reduce efﬁciency, but if competition is desirable per se, or if competition itself improves efﬁciency, or if the objective is consumer welfare rather than efﬁciency, then the case for sealed-bid auctions is very strong (see next subsection and Klemperer, 2002a). 41 It follows that the transparency induced between ﬁrms that makes internet sales more like ascending auctions than sealed-bid auctions is probably bad for consumers. 42 In another application of auction-theoretic insights to e-commerce, Bulow and Klemperer (2002b) apply Milgrom and Weber’s (1982) celebrated linkage principle to show when the price discrimination that internet markets make possible helps consumers.
Klemperer (2002a) gives many more examples. The low prices in the ascending auction are supported by the threat that, if a bidder overbids a competitor anywhere, then the competitor will retaliate by overbidding the ﬁrst bidder on markets where the ﬁrst bidder has the high bids. At least since Stigler (1964). To the extent that the auctions for individual consumers are independent single-unit auctions, an ascending auction is efﬁcient under a broad class of assumptions if bidders’ private signals are single-dimensional, even with asymmetries among bidders and common-value components to valuations.
Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume I (Econometric Society Monographs) by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky