Spite and Reciprocity in Auctions
The paper presents a complete information model of bidding in second price sealed-bid and ascending-bid (English) auctions, in which potential buyers know the unit valuation of other bidders and may spitefully prefer that their rivals earn a lower surplus. Bidders with spiteful preferences should ov...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2011-09-01
|
| Series: | Games |
| Subjects: | |
| Online Access: | http://www.mdpi.com/2073-4336/2/3/365/ |