On the efficiency of the first price auction Articles uri icon

publication date

  • July 2017

start page

  • 159

end page

  • 161

volume

  • 156

International Standard Serial Number (ISSN)

  • 0165-1765

Electronic International Standard Serial Number (EISSN)

  • 1873-7374

abstract

  • We provide a natural setting in privatizations in which the equilibrium of the first price auction gives greater expected surplus than any equilibrium of the open ascending auction.

keywords

  • efficiency; first price auction; english auction; privatizations