-  תקציר מפירסומי מרכז מחקר orif לשוק ההון  -

 Ranking Asymmetric Auctions

We compare the expected revenue in first- and second-price auctions with asymmetric bidders. We consider a "close to uniform" distributions with identical supports. In contrast to the common conjecture in the literature, we show that in the case of identical supports the expected revenue in second-price auction may exceed that in first-price auction. We also show that symmetry over lower valuations has a higher negative impact on the expected revenue in first-price auction than in second-price auction. However, asymmetry over high valuations always increases the revenue in first-price auction