Abstract:

We provide sufficient (and "close" to necessary) conditions for equilibrium existence in standard first price auctions with independent private values. These conditions allow for atoms in the distributions of players' valuations, generalize many of the sufficient conditions in the existing literature, and clarify why an equilibrium sometimes fails to exist. We also show that regardless of whether these conditions are satisfied, it is enough to modify the tie-breaking rule at one particular bid, which we identify, to guarantee
equilibrium existence.

Place:  Zoom Meeting

https://huji.zoom.us/j/86533116892?pwd=ZDBSSDFrRjNJWXV6Y0pFcU5POUhDZz09

Meeting ID: 865 3311 6892

Passcode: 909643