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1、RANDJournalofEconomicsVol.42,No.2,Summer2011pp.313336AuctionswithheterogeneousentrycostsDiegoMoreno∗andJohnWooders∗∗Ifbiddershaveindependentprivatevaluesandhomogeneousentrycosts,afirst-orsecond-priceauctionwithareservepriceequaltotheseller’svaluemaximizessocialsurplusandsellerrevenue.Weshowthatifentr
2、ycostsareheterogeneousandprivateinformation,thentherevenue-maximizingreservepriceisabovetheseller’svalue,apositiveadmissionfee(andareservepriceequaltotheseller’svalue)generatesmorerevenue,andanentrycapcombinedwithanadmissionfeegeneratesevenmorerevenue.Socialsurplusandsellerrevenuemayeitherincreaseor
3、decreaseinthenumberofbidders,buttheycoincideasymptotically.1.IntroductionAclassicresultoftheauctionliteratureisthatinastandardauctionwithanexogenouslyfixednumberofbidderswhohaveindependentprivatevalues,maximizingsellerrevenuerequiresscreeningbidders;thatis,therulesoftherevenue-maximizingauctionaresu
4、chthatabidderwhosevalueisbelowthescreeningvaluewillfinditunprofitabletobid.Moreover,therevenue-maximizingscreeningvalueisabovethesellersvalueandisindependentofthenumberofbidders(seeMyerson,1981;RileyandSamuelson,1981).Infirst-andsecond-pricesealed-bidauctions,forexample,thescreeningvalueisjustthereserv
5、eprice.Hence,therevenue-maximizingreservepriceisabovethesellersvalueandisindependentofthenumberofbidders.Inmanyinstances,however,thenumberofbiddersisendogenouslydeterminedastheresultofcostlyentrydecisions.AsnotedbyMilgrom(2004),auctionsforvaluableyethighlyspecializedassetsoftenfailbecauseofinsufficie
6、ntinterestbybidders...[because]buyersarenaturallyreluctanttobeginanexpensive,time-consumingevaluationofanassetwhentheybelieve∗UniversidadCarlosIIIdeMadrid;diego.moreno@uc3m.es.∗∗UniversityofArizona;jwooders@eller.arizona.edu.ThisarticleisbasedonMorenoandWooders(2006).WearegratefultoPhilipHaileandtwo
7、anonymousrefereesforusefulsuggestions.WethankAngelHernando-Veciana,VladimirKaramychev,SanderOnderstal,MarkStegeman,JuusoValimaki,andHalVarian,andseminaraudiencesattheHelsinkiSchoolofEconomics,ArizonaS
