Affordable Access

Inefficient ex-post equilibria in efficient auctions



I consider a single-object English auction with two asymmetric bidders and show that it has a continuum of inefficient undominated ex-post equilibria. The result extends for the generalized VCG mechanism, Dasgupta-Maskin auction and, generally, for every auction that has an efficient ex-post equilibrium. Copyright Springer-Verlag Berlin Heidelberg 2003

There are no comments yet on this publication. Be the first to share your thoughts.