haku: @indexterm utility assessment / yhteensä: 107
viite: 23 / 107
| Tekijä: | Karni, E. Safra, Z. |
| Otsikko: | Dynamic consistency, revelations in auctions and structure of preferences |
| Lehti: | Review of Economic Studies
1989 : JUL, VOL. 56:187, p.421-434 |
| Asiasana: | BIDDING OPTIMIZATION UTILITY ASSESSMENT INDIVIDUAL BEHAVIOUR DYNAMIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | Analyzing the optimal bidding behaviour in ascending-bid actions and second-price sealed-bid auctions with independent private values, it is shown that expected utility maximizing behaviour is equivalent to dynamically consistent bidding in ascending-bid auctions. On the other hand the equivalence of the optimal bids in ascending-bid auctions and in second-price sealed-bid auctions is analyzed and finally, bidding the value of the object in second-price sealed-bid auctions is described. In addition, the optimal bid in ascending-bid auctions equals the value of the object if and only if the bidder's preferences on lotteries are both quasi-concave and quasi-convex. |
SCIMA