Publication at Faculty of Social Sciences, Faculty of Mathematics and Physics, Centre for Economic Research and Graduate Education |
2008
Abstract
The paper examines a general class of multi-unit auctions. The class of games investigated includes uniform-price, pay-your-bid, all-pay and Vickrey auctions as special cases.
The seller offers k identical units of goods and sets the minimum accepted bid. Bidders have atomless valuation distributions and they submit up to k bids.
For this class, the existence of Nash equilibrium in a measurable strategy space and weakly increasing pure strategy space is proven. In many cases any equilibrium strategies can be modified in such a way that they form a pure strategy equilibrium.
Properties of standard strategies in multi-unit auctions are analyzed.