Adversarial Risk Analysis for Auctions Using Mirror Equilibrium and Bayes Nash Equilibrium
Keyword(s):
In this paper, we use the adversarial risk analysis (ARA) methodology to model first-price sealed-bid auctions under quite realistic assumptions. We extend prior work to find ARA solutions for mirror equilibrium and Bayes Nash equilibrium solution concepts, not only for risk-neutral but also for risk-averse and risk-seeking bidders. We also consider bidders having different wealth and assume that the auctioned item has a reserve price.
2011 ◽
Vol 9
(11)
◽
pp. 9
◽
Keyword(s):
Keyword(s):
2013 ◽
Vol 22
(2)
◽
pp. 234
◽
Keyword(s):