清华大学中级微观经济学讲义清华李稻葵

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1、http://www.sem.tsinghua.edu.cn/ChapterSeventeenAuctionsWhereareweinthecourseWeareworkingonafewimportantadditionstoourmicroeconomicsframeworkWearediscussingaimportantcaseofnon-competitivemarketWhoUsesAuctions?Ownersofart,cars,stamps,machines,mineralrightsetc.Q:W

2、hyauction?A:Becausemanymarketsareimperfectanditishardtodiscoverpotentialbuyers’truevaluationsofyourasset.Auctionshelptodiscoverthisinformation.TypesofAuctionsEnglishauction:bidsarepublicannouncementsbidpricerisesuntiltherearenofurtherbidshighestbidwinswinnerpay

3、shisbid.TypesofAuctionsSealed-bidfirst-priceauction:bidsareprivateinformationbidsaremadesimultaneouslyhighestbidwinswinnerpayshisbid.TypesofAuctionsSealed-bidsecond-priceauction:bidsareprivateinformationbidsaremadesimultaneouslyhighestbidderwinswinnerpayssecond

4、-highestbidalsoknownasaVickreyauction.TypesofAuctionsDutchauction:auctioneerannouncesahighbidandthengraduallylowersthebidfirstbuyertoacceptwinsandpaysthatprice.ReservePriceAsellerspecifiedbidlevelbelowwhichnosaleismade.Economists’ClassificationofAuctionsPrivate

5、-valueauctions:everypotentialbuyerknowsforsureherownvaluationoftheitemforsalealltheseindividualvaluationsareindependentofeachother.Economists’ClassificationofAuctionsCommon-valueauctions:itemforsalehasthesamevaluetoeverypotentialbuyerpotentialbuyersdifferinthei

6、rownestimatesofthiscommonvalue.AuctionDesignGoals:Paretoefficiencymaximizationoftheseller’sprofit.AuctionDesignParetoefficiency:theitemmustselltothebuyerwiththehighestvaluationoftheitem.WhichauctionsareParetoefficient?AuctionsandEfficiencyEnglishauctionwithnore

7、servepricemustbeefficientsince,ifabuyerwithalowvaluationwasabouttobuy,thehighestvaluationbuyerwouldbidhigher.AuctionsandEfficiencyEnglishauctionwithareservepriceneednotbeefficientsinceifthereservepriceissetabovethe(unknowntotheseller)highestbuyervaluation,thent

8、herewillbenosaleandsonogains-to-trade.AuctionsandEfficiencyDutchauctionneednotbeefficient.Nobuyerknowsotherbuyers’valuations,sothehighestvaluationbuyermaydelaytoolongandlose