Asymmetric English auctions. (Q1414615): Difference between revisions

The paper deals with the \(n\)-bidder single-object English, or open ascending price, auctions in a setting with interdependent values and asymmetric bidders. The main purpose is to obtain conditions ensuring the existence of an efficient ex post equilibrium in which for every realization of the signals the object is obtained by the bidder with the highest value. Two extensions of so-called the single crossing condition [\textit{E. Maskin}, Auctions and privatization. In: H. Siebert (ed.), Privatization, Institut für Weltwirtschaften der Universität Kiel, Kiel, 1992, 115--136 (1992)] are derived. Each condition is separately sufficient to guarantee that there is an efficient equilibrium. Both involve a strengthening of the single crossing condition.