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Menu Auctions, Resource Allocation, and Economic Influence

Bernheim, B. Douglas, Whinston, Michael D.·1986·The Quarterly Journal of Economics

Abstract

In many examples of competitive bidding (e.g., government construction contracting) the relevant object is either partially divisible or ill-defined, in contrast to much of the recent theoretical work on auctions. In this paper we consider a more general class of auctions, in which bidders name a “menu” of offers for various possible actions (allocations) available to the auctioneer. We focus upon “first-price” menu auctions under the assumption of complete information, and show that, for an attractive refinement of the set of Nash Equilibria, an efficient action always results. Our model also has application to situations of economic influence, in which interested parties independently attempt to influence a decision-maker's action.

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Metadata

Authors
Bernheim, B. D., & Whinston, M. D.
Venue
The Quarterly Journal of Economics
Published
1986-02
Volume
101
Issue
1
Pages
1
ISSN
0033-5533 (ISSN-L)
OpenAlex
W1969028417
Cited by
1,223
References
0
FWCI
2.32
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Menu Auctions, Resource Allocation, and Economic Influence. https://app.cochat.ai/papers/10.2307/1884639
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Bernheim, B. D., & Whinston, M. D. (1986). Menu Auctions, Resource Allocation, and Economic Influence. The Quarterly Journal of Economics. https://doi.org/10.2307/1884639

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