Utility Equivalence in Auctions

Authors: 
Shlomit Hon-Snir
Abstract: 

Auctions are considered with a (non-symmetric) independent-private-value model of valuations. It shall be demonstrated that a utility equivalence principle holds for an agent if and only if such agent has a constant absolute risk-attitude.

Date: 
July, 2001
Published in: 
Number: 
257