Multiple-Object, Discriminatory Auctions with Bidding Constraints: A Game-Theoretic Analysis

摘要: This paper examines the existence and characterization of pure strategy Nash equilibria in multiple-object auction games which buyers face a binding constraint on exposure. There are five major results. First, symmetric exist if only there two or less items. Second, equilibrium may not seller sets positive reservation bid. Third, asymmetric solutions to symmetrically parameterized typically involve "high-low" strategies: each buyer submits bids some restricted subset Fourth, generate zero "surplus" buyers. Fifth, when identical, these never unique.