清华大学中级微观经济学讲义清华李稻葵.ppt
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1、http:/ SeventeenAuctionsWhere are we in the courseuWe are working on a few important additions to our microeconomics framework uWe are discussing a important case of non-competitive marketWho Uses Auctions?uOwners of art,cars,stamps,machines,mineral rights etc.uQ:Why auction?uA:Because many markets
2、are imperfect and it is hard to discover potential buyers true valuations of your asset.Auctions help to discover this information.Types of AuctionsuEnglish auction:bids are public announcementsbid price rises until there are no further bidshighest bid wins winner pays his bid.Types of AuctionsuSeal
3、ed-bid first-price auction:bids are private informationbids are made simultaneouslyhighest bid wins winner pays his bid.Types of AuctionsuSealed-bid second-price auction:bids are private informationbids are made simultaneouslyhighest bidder wins winner pays second-highest bidalso known as a Vickrey
4、auction.Types of AuctionsuDutch auction:auctioneer announces a high bid and then gradually lowers the bidfirst buyer to accept wins and pays that price.Reserve PriceuA seller specified bid level below which no sale is made.Economists Classification of AuctionsuPrivate-value auctions:every potential
5、buyer knows for sure her own valuation of the item for saleall these individual valuations are independent of each other.Economists Classification of AuctionsuCommon-value auctions:item for sale has the same value to every potential buyerpotential buyers differ in their own estimates of this common
6、value.Auction DesignuGoals:Pareto efficiencymaximization of the sellers profit.Auction DesignuPareto efficiency:the item must sell to the buyer with the highest valuation of the item.uWhich auctions are Pareto efficient?Auctions and EfficiencyuEnglish auction with no reserve price must be efficient
7、since,if a buyer with a low valuation was about to buy,the highest valuation buyer would bid higher.Auctions and EfficiencyuEnglish auction with a reserve price need not be efficient since if the reserve price is set above the(unknown to the seller)highest buyer valuation,then there will be no sale
8、and so no gains-to-trade.Auctions and EfficiencyuDutch auction need not be efficient.No buyer knows other buyers valuations,so the highest valuation buyer may delay too long and lose to another bidder.Auctions and EfficiencyuSealed-bid first-price auction need not be efficient.No buyer knows other b
9、uyers valuations,so the highest valuation buyer may bid too low and lose to another bidder.Auctions and EfficiencyuSealed-bid second-price auction is Pareto efficient even though no buyer knows the other buyers valuations(more on this later).Why Use a Reserve Price?uSuppose there are 2 buyers.uThe s
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