The possibility of efficient mechanisms for trading an indivisible object

Article Abstract:

An analysis of the development of efficient mechanisms forindivisible object trading is presented. The analysis focuses on a market wheresellers face two potential buyers and assumes that individual trader valuation is privately known and independent. It is shown that individually rational, ex post efficient Bayesian mechanisms for such type of object trading can be developed. Likewise, such mechanisms approximate simple bidding games.

Economic aspects, Valuation, Efficient market theory

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Equilibrium reserve prices in sequential ascending auctions

Article Abstract:

A model is studied where bidders have perfectly correlated valuations for two goods sold sequentially in two ascending-price auctions where the seller sets a reserve price before the beginning of each auction. The result revealed that buyers who would profitably buy at the reserve price refrain from participating in order to decrease the second-auction reserve price.

Models, Auctions, Reserves (Accounting)

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Learning in games by random sampling

Article Abstract:

Research investigating types of interactions between players of low rationality who can change their status quo actions according to a pay-off dynamics. Particular attention is given to ways of finding optimal economic equilibrium in games oc common interest.

Games

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