Microtheory Seminar Series. "Affiliated Common Value Auctions with Costly Entry (joint with Pauli Murto)"
Published: 15 May 2024
11 June 2024. Professor Juuso Välimäki, Aalto University
Professor Juuso Välimäki, Aalto University School of Business
"Affiliated Common Value Auctions with Costly Entry (joint with Pauli Murto)"
Tuesday, 11 June 2024. 16:00-17:30
Room 356, Gilbert Scott Building
Abstract
We analyze costly participation in a first-price auction with affiliated common values and a large pool of potential bidders. We focus on auctions where the realized number of bidders is unknown at the bidding stage. In contrast to the standard case, both participation and bidding decisions are often non-monotonic in the symmetric equilibrium of our model. The expected revenue to the seller is often higher in the auction where the realized number of participating bidders is not disclosed.
Bio
I am a microeconomic theorist, and my research focuses on dynamic incentive problems and mechanism design. Many of my current research projects are in collaboration with Professor Pauli Murto. We analyze the effects of participation costs on allocational efficiency in auctions and contests. My research is theoretical, but the subject matter is close to practical problems.
I am currently a co-editor of the Journal of Economic Theory. Until the end of 2018, I was the main editor of the Journal of European Economic Association, and I have been a managing editor at the Review of Economic Studies in 2003-2007. In addition to these duties, I have been on the editorial boards of numerous journals over the years. I am a fellow of Econometric Society since 2008, a fellow of the European Economic Association, and I am a member of the Finnish Academy of Arts and Sciences.
For further information, please contact business-school-research@glasgow.ac.uk
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First published: 15 May 2024
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