Repositori institucional URV
| Autor/s de la URV: | Manzano Tovar, Carolina |
| Autor segons l'article: | Manzano C; Vives X |
| Adreça de correu electrònic de l'autor: | carolina.manzano@urv.cat carolina.manzano@urv.cat |
| Identificador de l'autor: | 0000-0001-7160-0562 0000-0001-7160-0562 |
| Any de publicació de la revista: | 2021 |
| Tipus de publicació: | Journal Publications |
| Referència 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 |
| Referència a l'article segons font original: | Theoretical Economics. 16 (3): 1095-1137 |
| Resum: | 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. |
| DOI de l'article: | 10.3982/TE3675 |
| Enllaç font original: | https://econtheory.org/ojs/index.php/te/article/view/3675 |
| Versió de l'article dipositat: | info:eu-repo/semantics/publishedVersion |
| Accès a la llicència d'ús: | https://creativecommons.org/licenses/by/3.0/es/ |
| Departament: | Economia |
| URL Document de llicència: | https://repositori.urv.cat/ca/proteccio-de-dades/ |
| Àrees temàtiques: | General economics,econometrics and finance Economics, econometrics and finance (miscellaneous) Economics, econometrics and finance (all) Economics Economia Ciencias sociales Business and management |
| Paraules clau: | Treasury auctions Private information Market integration Liquidity auctions G14 Electricity auctions E58 Demand/supply schedule competition D82 D44 |
| Entitat: | Universitat Rovira i Virgili |
| Data d'alta del registre: | 2024-07-27 |
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