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First-price sealed-bid auctions when bidders exhibit different attitudes toward risk

When bidders have different risk aversion levels, we determine in a first-price auction the asymmetric equilibrium strategies. We analyze the impactof asymmetric risk aversion levels on bidders’ markups and on the expected revenue and allocative efficiency of the auction
Economics Letters, 113/2, 108-111
JEL : D44 ; D81