By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

ISBN-10: 0521818729

ISBN-13: 9780521818728

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Contexts in which the issue is the amount of damages that should be transferred from one party to another. American seminar audiences typically think this is a natural assumption, but non-Americans often regard it as unduly jaundiced. Of course, we use it as a benchmark only, to develop insight and intuition (just as the lowest price does not win the whole market in most real “Bertrand” markets, but making the extreme assumption is a common and useful starting point). Extensions are possible to cases in which with probability (1 − λ) the “most deserving” party wins, but with probability λ > 0, the biggest spender wins.

Specifically, let s1A and s1B 20 Maskin be buyer i’s signals for A and B, respectively, and let his valuation functions be v i A (s1A , s2A , s3A ) and v i B (s1B , s2B , s3B ) . Assume that each buyer wants to buy at most one good. Let us first fix the signal values of buyers 2 and 3 at levels such that, as we vary s1A and s1B , either (i) it is efficient to allocate good A to buyer 1 and B to 2, or (ii) it is efficient to allocate good A to 2 and B to 3. 3) whereas in case (ii), we have v 1A (s1A , s2A , s3A ) < v 2A (s1A , s2A , s3A ) + v 3B (s1B , s2B , s3B ) − v 2B (s1B , s2B , s3B ).

See, for example, Stevens’ (1994, 2000) models of wage determination in oligopsonistic labor markets, Bernheim and Whinston (1986), Feddersen and Pesendorfer (1996, 1998), Persico (2000) and many others’ political economy models, and many models in finance (including, of course, takeover battles, to which we give an application in Section 4). Another major area we do not develop here is the application of auction theorists’ understanding of the winner’s curse to adverse selection more generally.

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Advances in economics and econometrics, vol. 1 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

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