An Ex-Post E¢cient Auction¤

@inproceedings{Perry1999AnEE,
  title={An Ex-Post E¢cient Auction¤},
  author={Motty Perry and Philip J. Reny},
  year={1999}
}
An analogue of Vickrey’s (1961) multi-unit auction is provided when bidders have interdependent values. The analogue is strategically equivalent to a collection of two-bidder single-unit second-price auctions and it possesses an ex-post e¢cient equilibrium. As an application of this result, it is shown that the FCC auction possesses an e¢cient equilibrium in the case of homogeneous goods. Conditions are provided under which the new auction (and also the FCC auction) revenue-dominates all ex… CONTINUE READING

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