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Volver Multibidding Game under Uncertainty

WPnull/04 Multibidding Game under Uncertainty
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Authors

  • Róbert F. Veszteg (rveszteg@unav.es)
    School of Economics and Business Administration, University of Navarra

Abstract
This paper considers situations in which a set of agents has to decide whether to carry out a given public project or its alternative when agents hold private information. I propose the use of the individually-rational and budget-balanced multibidding mechanism according to which the game to be played by participants has only one stage and simple rules as defined by Pérez-Castrillo and Wettstein (2002) under complete information. It can be applied in a wide range of situations, and its symmetric Bayes-Nash equilibria deliver ex post efficient outcomes if the number of players is two - for any underlying symmetric distribution characterizing uncertainty - or very large.

Classification JEL:C72; D44; D74; D82

Number of Pages:36

Creation Date:2004-11-01

Number:null/04

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Raúl Bajo

Raúl Bajo

Campus Universitario

31009 Pamplona, España

+34 948 42 56 00

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