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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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Affiliated Values

Affiliated Values

Chapter:
(p.57) 5 Affiliated Values
Source:
An Introduction to Auction Theory
Author(s):

Flavio M. Menezes (Contributor Webpage)

Paulo K. Monteiro

Publisher:
Oxford University Press
DOI:10.1093/019927598X.003.0005

This chapter presents the notion of affiliation and analyses its implications for equilibrium bidding functions and revenue. The notion of affiliation in a general multivariate context, and how theorems are essential to understanding how affiliation works are discussed. Equilibrium behaviour is characterized in second-, and first-price, and English button auctions. The expected revenue comparisons for these three auction formats and the effects of risk aversion are examined.

Keywords:   affiliation, equilibrium bidding, revenues, auctions, risk aversion

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