Equilibrium Bidding in Copula Models of First Price Auctions

Guler, Kemal

HP Development Company

关键词: auctions;    equilibrium bidding strategies;    affiliation;    copulae;   

RP-ID  :  HPL-2002-357

学科分类：计算机科学（综合）

美国|英语

来源: HP Labs

【 摘 要 】

We present a model of sealed-bid first-price auctions with affiliated private values (APV) where dependence of valuations is represented by a copula. We derive the equilibrium bidding strategies in a symmetric model with risk-neutral and risk-averse bidders.