DP16874 Non-bossiness and First-Price Auctions

Author(s): Marek Pycia, Madhav Raghavan
Publication Date: January 2022
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JEL(s):
Programme Areas: Organizational Economics
Link to this Page: cepr.org/active/publications/discussion_papers/dp.php?dpno=16874

We show that the first-price auction with no reserve price is the essentially unique mechanism that is non-bossy, individually rational, and efficient in equilibrium. The first-price auction with optimal reserve price is the essentially unique mechanism that is non-bossy, individually rational, and revenue maximizing.