Asymmetric private values auctions with application to joint bidding and mergers

Article Abstract:

An asymmetric auction model was developed where the spread of a bidder's value relies on some commonly observed features. The model was used on joint bidding and mergers in auction markets. Findings offered additional evidence that first-price auctions are less sensitive to the acquisition and exercise of market power than open auctions. Findings also indicated that if a group can credibly pledge to exclude a new entrant from membership, then mergers among individuals already in a second-price or open auction bidding market have no influence on the payoff of a possible entrant.

Auctions

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Endogenous mergers in concentrated markets

Article Abstract:

Issues concerning the development of a model for the formation of endogenous mergers are discussed. Particular attention is given to the application of the economic theory of cooperative games to concentrated markets and to relationships between market and social structures.

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Endogenous mergers and market structure

Article Abstract:

Issues concerning the modelling of endogenous economic mergers are discussed. Particular attention is given to the application of the two-stage game method to determine the differences in market concentration levels between the first and the second stage.

Research, Capital market, Capital markets

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