中微课件范里安版 Micro Chapter17.ppt

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1、ChapterSeventeenAuctionsWhoUsesAuctions?Ownersofart,cars,stamps,machines,mineralrightsetc.Q:Whyauction?WhoUsesAuctions?Ownersofart,cars,stamps,machines,mineralrightsetc.Q:Whyauction?A:Becausemanymarketsareimperfectanditishardtodiscoverpotentialbuyers’truevaluati

2、onsofyourasset.Auctionshelptodiscoverthisinformation.TypesofAuctionsEnglishauction:bidsarepublicannouncementsbidpricerisesuntiltherearenofurtherbidshighestbidwinswinnerpayshisbid.TypesofAuctionsSealed-bidfirst-priceauction:bidsareprivateinformationbidsaremadesim

3、ultaneouslyhighestbidwinswinnerpayshisbid.TypesofAuctionsSealed-bidsecond-priceauction:bidsareprivateinformationbidsaremadesimultaneouslyhighestbidderwinswinnerpayssecond-highestbidalsoknownasaVickreyauction.TypesofAuctionsDutchauction:auctioneerannouncesahighbi

4、dandthengraduallylowersthebidfirstbuyertoacceptwinsandpaysthatprice.ReservePriceAsellerspecifiedbidlevelbelowwhichnosaleismade.Economists’ClassificationofAuctionsPrivate-valueauctions:everypotentialbuyerknowsforsureherownvaluationoftheitemforsalealltheseindividu

5、alvaluationsareindependentofeachother.Economists’ClassificationofAuctionsCommon-valueauctions:itemforsalehasthesamevaluetoeverypotentialbuyerpotentialbuyersdifferintheirownestimatesofthiscommonvalue.AuctionDesignGoals:Paretoefficiencymaximizationoftheseller’spro

6、fit.AuctionDesignParetoefficiency:theitemmustselltothebuyerwiththehighestvaluationoftheitem.WhichauctionsareParetoefficient?AuctionsandEfficiencyEnglishauctionwithnoreservepricemustbeefficientsince,ifabuyerwithalowvaluationwasabouttobuy,thehighestvaluationbuyerw

7、ouldbidhigher.AuctionsandEfficiencyEnglishauctionwithareservepriceneednotbeefficientsinceifthereservepriceissetabovethe(unknowntotheseller)highestbuyervaluation,thentherewillbenosaleandsonogains-to-trade.AuctionsandEfficiencyDutchauctionneednotbeefficient.Nobuye

8、rknowsotherbuyers’valuations,sothehighestvaluationbuyermaydelaytoolongandlosetoanotherbidder.AuctionsandEfficiencySealed-bidfirst-priceauctionneednotbeefficient.Nobuy