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An Introduction to Auction Theory$
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Flavio M. Menezes and Paulo K. Monteiro

Print publication date: 2004

Print ISBN-13: 9780199275984

Published to Oxford Scholarship Online: April 2005

DOI: 10.1093/019927598X.001.0001

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Preliminaries

Preliminaries

Chapter:
(p.5) 2 Preliminaries
Source:
An Introduction to Auction Theory
Author(s):

Flavio M. Menezes (Contributor Webpage)

Paulo K. Monteiro

Publisher:
Oxford University Press
DOI:10.1093/019927598X.003.0002

This chapter presents the concept of a Bayesian Nash equilibrium as defined by Harsanyi (1967). His approach was to transform a game of incomplete information into one of imperfect information; any buyer who has incomplete information about other buyers’ values is treated as if he were uncertain about their types. A brief introduction to auctions is provided, and how these can be viewed as games of incomplete information is explained. The notations that will be used throughout the book are defined.

Keywords:   Bayesian Nash equilibrium, auction theory, games, auctions, incomplete information, imperfect information

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