학술논문
Bidding with Securities: Comment
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- 영문명
- Bidding with Securities: Comment
- 발행기관
- 한국계량경제학회
- 저자명
- Yeon-Koo Che Jinwoo Kim
- 간행물 정보
- 『한국계량경제학회 학술대회 논문집』2008년 하계학술대회, 1~14쪽, 전체 14쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2008.08.30
4,480원
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국문 초록
영문 초록
Peter DeMarzo, Ilan Kremer and Andrzej Skrzypacz (2005, henceforth DKS) analyzed auctions in which bidders compete in securities. They show that a steeper security leads to a higher expected revenue for the seller, and also use this to establish the revenue ranking between standard auctions. In this comment, we obtain the opposite results to DKS’s by assuming that a higher return requires a higher investment cost. Given this latter assumption, steeper securities are more vulnerable to adverse selection, and may yield lower expected revenue, than flatter ones.
목차
1 Model
2 Ranking Security Designs
3 Ranking Auction Formats
4 Concluding Remarks
키워드
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