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Symmetric Separating Equilibria in English Auctions

Philip A. HaileSushil BikhchandaniJohn G. Riley

出版	Social Systems Research Institute, University of Wisconsin, 2000
URL	http://books.google.com.hk/books?id=8YfwGwAACAAJ&hl=&source=gbs_api

註釋

We characterize the set of perfect Bayesian equilibria in symmetric separating strategies in Milgrom and Weber's (1982) model of English auctions. There is a continuum of such equilibria. The equilibrium derived by Milgrom and Weber is that in which bids are maximal. Only in the case of pure private values does a restriction to weakly undominated strategies select a unique equilibrium. This has important implications for empirical studies of English auctions, particularly outside the pure private values paradigm.