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    Ex-Post Full Surplus Extraction, Straightforwardly

    Harstad, Ronald M.
    Mares, Vlad
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    [PDF] ExPostFullSurplusExtraction.pdf (172.2Kb)
    Date
    2005
    Format
    Working Paper
    Metadata
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    Abstract
    Consider an estimate of the common value of an auctioned asset that is symmetric in the bidders' types. Such an estimate can be represented solely in terms of the order statistics of those types. This representation forms the basis for a pricing rule yielding truthful bidding as an equilibrium, whether bidders' types are affiliated or independent. We highlight the link between the estimator and full surplus extraction, providing a necessary and sufficient condition for ex-post full surplus extraction, including the possibility of independent types. The results offer sharp insights into the strengths and limits of simple auctions by identifying the source of informational rents in such environments.
    URI
    http://hdl.handle.net/10355/2626
    Part of
    Working papers (Department of Economics);WP 05-15
    Part of
    Economics publications
    Citation
    Department of Economics, 2005
    Collections
    • Economics publications (MU)

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