On the Existence of Pure Strategy Monotone Equilibria in Asymmetric First-price Auctions

Abstract

We establish the existence of pure strategy equilibria in monotone bidding functions in first-price auctions with asymmetric bidders, interdependent values, and affiliated one-dimensional signals. By extending a monotonicity result due to Milgrom and Weber (1982), we show that single crossing can fail only when ties occur at winning bids or when bids are… (More)

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