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Uniqueness of the Equilibrium in First-Price Auctions

Author

Listed:
  • Bernard Lebrun

    (Department of Economics, York University)

Abstract
If the value cumulative distribution functions are log-concave at the highest lower extremity of their supports, a simple geometric argument establishes the uniqueness of the equilibrium of the first-price auction in the asymmetric independent private value model.

Suggested Citation

  • Bernard Lebrun, 2004. "Uniqueness of the Equilibrium in First-Price Auctions," Working Papers 2004_2, York University, Department of Economics.
    • Handle: RePEc:yca:wpaper:2004_2
    as

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    File URL: http://econ.yorku.ca/research/workingPapers/working_papers/2004/lebrunb-u.pdf
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    References listed on IDEAS

    as
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    4. Mark Bagnoli & Ted Bergstrom, 2006. "Log-concave probability and its applications," Studies in Economic Theory, in: Charalambos D. Aliprantis & Rosa L. Matzkin & Daniel L. McFadden & James C. Moore & Nicholas C. Yann (ed.), Rationality and Equilibrium, pages 217-241, Springer.
    5. Marshall Robert C. & Meurer Michael J. & Richard Jean-Francois & Stromquist Walter, 1994. "Numerical Analysis of Asymmetric First Price Auctions," Games and Economic Behavior, Elsevier, vol. 7(2), pages 193-220, September.
    6. Eric Maskin & John Riley, 2000. "Equilibrium in Sealed High Bid Auctions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 67(3), pages 439-454.
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    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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