CFDP 2132

First-Price Auctions with General Information Structures: A Short Introduction

Author(s): Dirk BergemannBenjamin BrooksStephen Morris

Publication Date: May 2018

Pages: 11

Abstract: 

In a recent paper, [Bergemann et al. 2017a], we derive results about equilibrium behavior in the first-price auction that hold across all common-prior information structures. The purpose of this letter is to give an informal introduction into the results. At the end we offer a brief discussion of related work.

Keywords: First-price auction, Information structure, Bayes correlated equilibrium, Private values, Interdependent values, Common values, Revenue, Surplus, Welfare bounds, Reserve price