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Publications [#289591] of David McAdams

Journal Articles

  1. McAdams, D, Monotone equilibrium in multi-unit auctions, Review of Economic Studies, vol. 73 no. 4 (October, 2006), pp. 1039-1056, Oxford University Press (OUP), ISSN 0034-6527 [doi]
    (last updated on 2020/10/19)

    In two-sided multi-unit auctions having a variety of payment rules, including uniform-price and discriminatory auctions, a monotone pure-strategy equilibrium (MPSE) exists when bidders are risk neutral with independent multi-dimensional types and interdependent values. In fact, all mixed-strategy equilibria are ex post allocation and interim expected payment equivalent to MPSE. Thus, for standard expected surplus/ revenue analysis, there is no loss restricting attention to monotone strategies. © 2006 The Review of Economic Studies Limited.

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