Una introducción al análisis económico de las subastas
ISSN: 0006-6249
Year of publication: 2001
Volume: 56
Issue: 173
Pages: 369-394
Type: Article
More publications in: Boletín de estudios económicos
Abstract
This work presents the main results derived in the economic analysis of auctions. First, there is a description of the basic aspects that characterize auctions and of the different types of auctions: english, dutch, first-price, second-price, uniform price, discriminatory and double. Then, the principal results obtained in the analysis of private-values auctions are explained. Finally, several important aspects of auctions are discussed: efficiency in auctions and optimal auctions, collusion among the bidders, risk-aversion in auctions, common-value auctions and auctions with correlated values, and asymmetric bidders. Although some results are formally proved the presentation is mostly based on intuitive explanations.