Chapter

Affiliated Values

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print November 2004 | ISBN: 9780199275984
Published online April 2005 | e-ISBN: 9780191602214 | DOI: http://dx.doi.org/10.1093/019927598X.003.0005
Affiliated Values

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This chapter presents the notion of affiliation and analyses its implications for equilibrium bidding functions and revenue. The notion of affiliation in a general multivariate context, and how theorems are essential to understanding how affiliation works are discussed. Equilibrium behaviour is characterized in second-, and first-price, and English button auctions. The expected revenue comparisons for these three auction formats and the effects of risk aversion are examined.

Keywords: affiliation; equilibrium bidding; revenues; auctions; risk aversion

Chapter.  8611 words. 

Subjects: Microeconomics

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