Buy-price English auction [An article from: Journal of Economic Theory]

This digital document is a journal article from Journal of Economic Theory, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Consider an English auction for a single object in which there is an option for a bidder to guarantee a purchase at a seller-specified buy price b at any time. We show that there exist v@? and v@^ (>=v@?), such that a bidder purchases at the buy price immediately if his valuation v is no less than v@^ or v@?=