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The B.E. Journal of Theoretical Economics

Editor-in-Chief: Schipper, Burkhard

Ed. by Fong, Yuk-fai / Peeters, Ronald / Puzzello , Daniela / Rivas, Javier / Wenzelburger, Jan

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On Rationalizability and Beliefs in Discrete Private-Value First-Price Auctions

Jack Robles / Makoto Shimoji
Published Online: 2012-05-11 | DOI: https://doi.org/10.1515/1935-1704.1829

We extend Dekel and Wolinsky's (2003) result on private-value first price auctions by providing different sufficient conditions under which each player has a unique rationalizable bid conditional on her value. Unlike Dekel and Wolinsky's, our result does not necessarily require a large number of players. If values are independently distributed, (i) our conditions are weaker than Dekel and Wolinsky's, and (ii) our conditions require a large number of players only if the distributions on values has a low reverse hazard rate for some value. Our result holds for the cases where players' utility functions are concave or values are not identically distributed.

Keywords: first-price auctions; rationalizability; dominance; beliefs

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Published Online: 2012-05-11

Citation Information: The B.E. Journal of Theoretical Economics, Volume 12, Issue 1, ISSN (Online) 1935-1704, DOI: https://doi.org/10.1515/1935-1704.1829.

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