Philip A. Haile

Learn More
We characterize the set of perfect Bayesian equilibria in symmetric separating strategies in the model of English auctions given by P. R. Milgrom and R. There is a continuum of such equilibria. The equilibrium derived by Milgrom and Weber is that in which bids are maximal. Only in the case of pure private values does a restriction to weakly undominated(More)
Two features common to many auctions are the use of reserve prices and the existence of secondary markets for the goods being sold. Even in simple symmetric settings, the combination of these features can preclude existence of an equilibrium in symmetric separating bidding strategies. With a reserve price sufficiently far below the maximum (endogenous)(More)
  • 1