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• W2030074922 abstract "We analyze a simultaneous ascending auction with anonymous item prices, for two items that are substitutes. This popular format entails increased opportunities for coordination among bidders, since bids are observable and can be used as signaling. This has happened, e.g., in the Netherlands 3G Telecom Auction and in the FCC auctions. While it may seem that such bidding harms economic efficiency, we show that side communication may actually improve efficiency: We describe an ex-post subgame-perfect equilibrium, with limited communication, that is ex-post efficient. In contrast, without communication, we show that there is no ex-post equilibrium which is ex-post efficient in this auction. In this equilibrium, bidders initially report true demands, and then perform a single demand reduction at a certain point, determined using a single message exchanged between the bidders. This limited signaling opportunity resolves the strategic problems of myopic bidding, and may improve the social welfare. ► Study signaling in ascending auctions and its effect on social efficiency. ► Analyze two substitutesʼ items: without signaling, no ex-post efficient equilibrium exists. ► In contrast, with signaling: show an ex-post equilibrium that is ex-post efficient. ► On the equilibrium path: initially report true demands, then a single demand reduction. ► This demand reduction is determined via a single communication bit." @default.
• W2030074922 created "2016-06-24" @default.
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• W2030074922 date "2012-11-01" @default.
• W2030074922 modified "2023-09-24" @default.
• W2030074922 title "Side-communication yields efficiency of ascending auctions: The two-items case" @default.
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• W2030074922 doi "https://doi.org/10.1016/j.geb.2012.05.011" @default.
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