清華大學(xué)中級微觀經(jīng)濟(jì)學(xué)講義清華李稻葵(存儲版)
【正文】 e is made. Economists’ Classification of Auctions ?Privatevalue auctions: –every potential buyer knows for sure her own valuation of the item for sale –all these individual valuations are independent of each other. Economists’ Classification of Auctions ?Commonvalue auctions: –item for sale has the same value to every potential buyer –potential buyers differ in their own estimates of this mon value. Auction Design ?Goals: –Pareto efficiency –maximization of the seller’s profit. Auction Design ?Pareto efficiency: –the item must sell to the buyer with the highest valuation of the item. ?Which auctions are Pareto efficient? Auctions and Efficiency ?English auction with no reserve price must be efficient since, if a buyer with a low valuation was about to buy, the highest valuation buyer would bid higher. Auctions and Efficiency ?English auction with a reserve price need not be efficient since if the reserve price is set above the (unknown to the seller) highest buyer valuation, then there will be no sale and so no gainstotrade. Auctions and Efficiency ?Dutch auction need not be efficient. No buyer knows other buyers’ valuations, so the highest valuation buyer may
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