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Equilibrium bidding behavior
9 other sections not shown
alternative profit analysis approximate likelihood assumed assumption asymptotic auction Bayes estimate Bayesian bid price bidding behavior Chapter 9 compute concave function conjugate prior conjugate utility considered constraint contract incentives contract parameters converges cost reduction cost uncertainty covariance function defined denoted density function determined equilibrium bidding strategy equilibrium strategy example expected contract profit expected procurement cost expected utility expected value firm firm's expected utility follows functions g g and h high quality commodity hyperplane incentive contracts increase in ft independent integrals interior point ith firm's Lebesgue measure lemma low quality commodity matrix maximum Nash equilibrium optimal bid owners parameter point parameter space parameterization periodogram posterior 8.29 posterior density potential bidders price offer probability of winning production cost proof random variable reduce reservation price risk aversion rival bids satisfied seller spectral density stochastic dominance sufficiently large symmetric theorem 9.6 utility function zero