Rationalizability and Monotonicity in Large Auctions With Noise Traders
Lee, Soonho
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https://hdl.handle.net/2142/85573
Description
Title
Rationalizability and Monotonicity in Large Auctions With Noise Traders
Author(s)
Lee, Soonho
Issue Date
2006
Doctoral Committee Chair(s)
Cho, In-Koo
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Theory
Language
eng
Abstract
For models with ex ante heterogeneity, since models are not restricted in the way of adding a new player as long as new player's private signal distribution satisfies the regularity conditions, the limit economy may not be well defined. Thus, we are only interested in the models with replicated players where limit trading models are well defined. We show that in those restricted models, the set of interim rationalizable bidding strategies converges to the Nash equilibrium of the auctions in the limit.
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