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Dominance Solvability of Large k-Price Auctions

  • Yaron Azrieli and Dan Levin
Published/Copyright: May 28, 2012
The B.E. Journal of Theoretical Economics
From the journal The B.E. Journal of Theoretical Economics Volume 12 Issue 1

In an environment of independent private values, we show that k-price auctions (k>2) with a large number of bidders are dominance solvable in two steps. Specifically, if bidders are rational and are certain that their opponents are rational (but without requiring deeper levels of reasoning), then bids converge to true valuations as the economy gets larger. Our model allows for heterogeneity in bidders' attitudes to risk and in the distributions from which valuations are drawn.

Keywords: k-price auctions; large auctions; dominance solvability; rationalizability
Published Online: 2012-5-28

©2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston

Articles in the same Issue

  1. Advances Article
  2. Seller Cheap Talk in Almost Common Value Auction
  3. Strategic Effects of Renegotiation-Proof Contracts
  4. Contributions Article
  5. Uniquely Representing "A Preference for Uniformity"
  6. An Experimental Comparison of Sequential First- and Second-Price Auctions with Synergies
  7. Transparency, Career Concerns, and Incentives for Acquiring Expertise
  8. Career Concerns and Performance Reporting in Optimal Incentive Contracts
  9. Two Notes on the Blotto Game
  10. The Tennis Coach Problem: A Game-Theoretic and Experimental Study
  11. Multidimensional Product Differentiation with Discrete Characteristics
  12. Screening and Financial Contracting in the Face of Outside Competition
  13. On Rationalizability and Beliefs in Discrete Private-Value First-Price Auctions
  14. Commitment versus Flexibility in Enforcement Games
  15. Endogenous Preferences and Dynamic Contract Design
  16. Intergenerational Interactions in Human Capital Accumulation
  17. Behavior-Based Price Discrimination by a Patient Seller
  18. Altruism and Local Interaction
  19. Education Signaling with Uncertain Returns
  20. An Axiomatic Approach to Arbitration and its Application in Bargaining Games
  21. Consensual and Conflictual Democratization
  22. Topics Article
  23. Preference for Variety
  24. Information Theory and Observational Limitations in Decision Making
  25. Strict Concavity of the Value Function for a Family of Dynamic Accumulation Models
  26. A Folk Theorem for Games when Frequent Monitoring Decreases Noise
  27. Characterizing Welfare-egalitarian Mechanisms with Solidarity When Valuations are Private Information
  28. Correlation in the Multiplayer Electronic Mail Game
  29. Dominance Solvability of Large k-Price Auctions
  30. Treading a Fine Line: Characterisations and Impossibilities for Liberal Principles in Infinitely-Lived Societies
  31. An Axiomatization of Learning Rules when Counterfactuals are not Observed
  32. On a Notion of Similarity with Endowments in Public Economics
  33. Outsourcing and Downstream R&D under Economies of Scale
  34. On Communication and the Weak Sequential Core
  35. Asymmetric Single-peaked Preferences
  36. Revealing Private Information in Bargaining
https://doi.org/10.1515/1935-1704.1880
Keywords for this article
k-price auctions; large auctions; dominance solvability; rationalizability

Articles in the same Issue

  1. Advances Article
  2. Seller Cheap Talk in Almost Common Value Auction
  3. Strategic Effects of Renegotiation-Proof Contracts
  4. Contributions Article
  5. Uniquely Representing "A Preference for Uniformity"
  6. An Experimental Comparison of Sequential First- and Second-Price Auctions with Synergies
  7. Transparency, Career Concerns, and Incentives for Acquiring Expertise
  8. Career Concerns and Performance Reporting in Optimal Incentive Contracts
  9. Two Notes on the Blotto Game
  10. The Tennis Coach Problem: A Game-Theoretic and Experimental Study
  11. Multidimensional Product Differentiation with Discrete Characteristics
  12. Screening and Financial Contracting in the Face of Outside Competition
  13. On Rationalizability and Beliefs in Discrete Private-Value First-Price Auctions
  14. Commitment versus Flexibility in Enforcement Games
  15. Endogenous Preferences and Dynamic Contract Design
  16. Intergenerational Interactions in Human Capital Accumulation
  17. Behavior-Based Price Discrimination by a Patient Seller
  18. Altruism and Local Interaction
  19. Education Signaling with Uncertain Returns
  20. An Axiomatic Approach to Arbitration and its Application in Bargaining Games
  21. Consensual and Conflictual Democratization
  22. Topics Article
  23. Preference for Variety
  24. Information Theory and Observational Limitations in Decision Making
  25. Strict Concavity of the Value Function for a Family of Dynamic Accumulation Models
  26. A Folk Theorem for Games when Frequent Monitoring Decreases Noise
  27. Characterizing Welfare-egalitarian Mechanisms with Solidarity When Valuations are Private Information
  28. Correlation in the Multiplayer Electronic Mail Game
  29. Dominance Solvability of Large k-Price Auctions
  30. Treading a Fine Line: Characterisations and Impossibilities for Liberal Principles in Infinitely-Lived Societies
  31. An Axiomatization of Learning Rules when Counterfactuals are not Observed
  32. On a Notion of Similarity with Endowments in Public Economics
  33. Outsourcing and Downstream R&D under Economies of Scale
  34. On Communication and the Weak Sequential Core
  35. Asymmetric Single-peaked Preferences
  36. Revealing Private Information in Bargaining
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