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- W3139059415 abstract "This note shows that the first-price auction fully implements efficient investments when agents make not only ex ante but also ex post investments. The essential assumptions of our model are that (i) each agent can invest before and after participating in the auction under the same cost function and (ii) the cost functions are common knowledge among agents. In any equilibrium of our model, the most efficient agent always wins and makes the efficient level of investment." @default.
- W3139059415 created "2021-03-29" @default.
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- W3139059415 date "2017-08-15" @default.
- W3139059415 modified "2023-09-23" @default.
- W3139059415 title "First-Price Auction Implements Efficient Investments" @default.
- W3139059415 hasPublicationYear "2017" @default.
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