Percorrer por autor "Castel-Branco, Miguel Moraes"
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- Multiple equilibria in bidding fee auctionsPublication . Castel-Branco, Miguel Moraes; Branco, FernandoThis dissertation presents a game theoretic approach to bidding fee auctions with independent private values. I analyze these auctions under two bidding window rules. In a sequential bidding auction the round moves forward immediately after a bid was submitted. In a multiple round auction, the round moves forward only after all players have submitted their action. Under the assumption that the bidders may either have a low value or a high value for the object, I show that multiple equilibria, with relevantly different characteristics, may arise under either rule. Moreover, the rule that maximizes the seller’s revenue depends on the the probability of a high value bidder.