OxTalks is Changing
OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, please contact halo@digital.ox.ac.uk
Uniform Price Auctions with a Last Accepted Bid Pricing Rule
Please sign up for meetings at the link below:
docs.google.com/spreadsheets/d/1t147hTaa3u0f4TcsAmhz2TXceVzEh6×73LrUVIYxHDM/edit#gid=0
Abstract
We model multi-unit auctions in which bidders’ valuations are multidimensional private information. We show that the last accepted bid uniform-pricing rule admits a unique equilibrium with a simple characterization; in comparison, the commonly-studied first rejected bid uniform-pricing rule admits many equilibria, many of which provide zero expected revenue. In a natural example, equilibrium strategies in the last accepted bid auction are constructed from familiar strategies for single-unit first price auctions. In contrast with the information pooling we prove to arise in the first rejected bid and pay as bid auctions, the unique equilibrium of the last accepted bid auction is fully revealing.
Link to paper:
kylewoodward.com/research/auto/burkett+woodward-2018A.pdf
Date:
25 May 2018, 14:15
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
IT Room
Speaker:
Kyle Woodward (University of North Carolina)
Organising department:
Department of Economics
Organisers:
Anne Pouliquen (University of Oxford),
Erin Saunders (University of Oxford)
Part of:
Nuffield Economic Theory Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editors:
Erin Saunders,
Anne Pouliquen,
Melis Clark
