均衡与拍卖介绍.pptVIP

英式拍卖的缺点 英式拍卖的缺点是：既然获胜的竞买人的出价只需比前一个最高价高一点，那么每个竞买人都不愿马上按照其预估价出价。另外，竞买人要冒一定的风险，他可能会被令人兴奋的竞价过程吸引，出价超出了预估价，这种心理现象称为“赢者诅咒（Winner’s Curse）”。 Types of Auctions Sealed-bid first-price auction: bids are private information bids are made simultaneously highest bid wins winner pays his bid. Types of Auctions Sealed-bid second-price auction: bids are private information bids are made simultaneously highest bidder wins winner pays second-highest bid also known as a Vickrey auction. Types of Auctions Dutch auction（荷兰式拍卖）: auctioneer announces a high bid and then gradually lowers the bid first buyer to accept wins and pays that price. Reserve Price A seller specified bid level below which no sale is made. 6.3.2 Economists’ Classification of Auctions （个人价值拍卖）Private-value auctions: every potential buyer knows for sure her own valuation of the item for sale all these individual valuations are independent of each other. Economists’ Classification of Auctions （共同价值拍卖）Common-value auctions: item for sale has the same value to every potential buyer potential buyers differ in their own estimates of this common value 例如，拍卖一个里面装了一定数量钱的钱袋。 6.3.3 拍卖设计 Goals: Pareto efficiency(帕累托有效) maximization of the seller’s profit. * * * 6. 均衡与拍卖 6.1 市场均衡(Market Equilibrium) A market is in equilibrium when total quantity demanded by buyers equals total quantity supplied by sellers. 在某价格下，市场需求量等于市场供给量。 此时的价格为市场均衡价格，此时的数量为均衡数量。 6.1.1 均衡的确定 p q q=D(p) Marketdemand Marketsupply q=S(p) p* q* D(p*) = S(p*); the marketis in equilibrium. Market Equilibrium S(p’) D(p’) S(p’); an excessof quantity supplied overquantity demanded. p q q=D(p) Marketdemand Marketsupply q=S(p) p* p’ D(p’) Market price must fall towards p*. Market Equilibrium D(p”) D(p”) S(p”); an excessof quantity demandedover quantity supplied. p” S(p”) Market price must rise towards p*. p q q=D(p) Marketdemand Marketsupply q=S(p) p* Two special cases when quantity supplied is fixed, independent of the market price, and when quantity