Autor según el artículo: Manzano C; Vives X
Departamento: Economia
Autor/es de la URV: Manzano Tovar, Carolina
Palabras clave: Treasury auctions Private information Market integration Liquidity auctions G14 Electricity auctions E58 Demand/supply schedule competition D82 D44
Resumen: We analyze a divisible good uniform-price auction that features two groups, each with a finite number of identical bidders, who compete in demand schedules. In the linear-quadratic-normal framework, this paper presents conditions under which the unique equilibrium in linear demands exists and derives novel comparative statics results that highlight the interaction between payoff and information parameters with asymmetric groups. We find that the strategic complementarity in the slopes of traders' demands is reinforced by inference effects from prices, and we display the role of payoff and information asymmetries in explaining deadweight losses. Furthermore, price impact and the deadweight loss need not move together, and market integration may reduce welfare. The results are consistent with the available empirical evidence. Copyright © 2021 The Authors.
Áreas temáticas: General economics,econometrics and finance Economics, econometrics and finance (miscellaneous) Economics, econometrics and finance (all) Economics Economia Ciencias sociales Business and management
Acceso a la licencia de uso: https://creativecommons.org/licenses/by/3.0/es/
Direcció de correo del autor: carolina.manzano@urv.cat
Identificador del autor: 0000-0001-7160-0562
Fecha de alta del registro: 2023-02-19
Versión del articulo depositado: info:eu-repo/semantics/publishedVersion
Enlace a la fuente original: https://econtheory.org/ojs/index.php/te/article/view/3675
URL Documento de licencia: http://repositori.urv.cat/ca/proteccio-de-dades/
Referencia al articulo segun fuente origial: Theoretical Economics. 16 (3): 1095-1137
Referencia de l'ítem segons les normes APA: Manzano C; Vives X (2021). Market power and welfare in asymmetric divisible good auctions. Theoretical Economics, 16(3), 1095-1137. DOI: 10.3982/TE3675
DOI del artículo: 10.3982/TE3675
Entidad: Universitat Rovira i Virgili
Año de publicación de la revista: 2021
Tipo de publicación: Journal Publications
Repositori URV