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?:about
?:abstract
  • "We study collusion in repeated first-price auctions under the condition of minimal information release by the auctioneer. In each auction a bidder only learns whether or not he won the object. Bidders do not observe other bidders? bids, who participates or who wins in case they are not the winner. We show that for large enough discount factors collusion can nevertheless be supported in the infinitely repeated game. While there is a unique Nash equilibrium in public strategies, in which bidders bid competitively in every period, there are simple Nash equilibria in private strategies that support bid rotation. Equilibria that either improve on bid rotation or satisfy the requirement of Bayesian perfection, but not both, are only slightly more complex. Our main result is the construction of perfect Bayesian equilibria that improve on bid rotation. These equilibria require complicated inferences off the equilibrium path. A deviator may not know who has observed his deviation and consequently may have an incentive to use strategic experimentation to learn about the bidding behavior of his rivals." (author's abstract) (xsd:string)
?:contributor
?:dateModified
  • 2003 (xsd:gyear)
?:datePublished
  • 2003 (xsd:gyear)
?:duplicate
?:editingInstitute
?:hasFulltext
  • true (xsd:boolean)
is ?:hasPart of
?:inLanguage
  • en (xsd:string)
?:linksURN
?:location
is ?:mainEntity of
?:name
  • Private monitoring in auctions (xsd:string)
?:provider
?:publicationType
  • Arbeitspapier (xsd:string)
?:sourceInfo
  • GESIS-SSOAR (xsd:string)
rdf:type
?:url
?:urn
  • urn:nbn:de:0168-ssoar-111848 ()
?:volumeNumber
  • 2003-14 (xsd:string)