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田国强教授论文被Journal of Economics & Management Strategy接受发表
发布日期:2012-03-13

    日 前,田国强教授的论文"Second Price Auctions with Differentiated Participation Costs"(with Cao Xiaoyong),被Journal of Economics & Management Strategy接受发表,该期刊为我校常任轨期刊目录中的国际二类(Tier 2)期刊。

Second-Price Auctions with Different Participation Costs

Abstract
This paper studies equilibria of second price auctions in independent private value environments with different participation costs. Two types of equilibria are identified: monotonic equilibria in which a bidder with a lower participation cost results in a lower cutoff for submitting a bid, and non-monotonic equilibria in which a lower participation cost results in a higher cutoff. We show that there always exists a monotonic equilibrium, and further, that the monotonic equilibrium is unique for either concave distribution functions or strictly convex distribution functions with non-increasing reverse hazard rates. There exist nonmonotonic equilibria when the distribution functions are strictly convex and the difference of the participation costs is sufficiently small. We also provide comparative static analysis and study the limiting properties of equilibria when the difference in bidders’ participation costs approaches zero.
J EL Classification: C62, C72, D44, D61, D82.

    Key Words: Private Values, Differentiated Participation Costs, Second Price Auctions, Non-monotonic Equilibrium, Existence and Uniqueness of Equilibrium.
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