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Menu Auctions, Resource Allocation, and Economic Influence
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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Citations
Cited by
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Protection for Sale: An Empirical Investigation
Goldberg, P. K., & Maggi, G. (1999) · American Economic Review · doi:10.1257/aer.89.5.1135 · Cited by 854
Firm heterogeneity and lobby participation
Bombardini, M. (2008) · Journal of International Economics · doi:10.1016/j.jinteco.2008.03.003 · Cited by 310
Corruption and energy efficiency in OECD countries: theory and evidence
Fredriksson, P. G., Vollebergh, H. R. J., & Dijkgraaf, E. (2004) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2003.08.001 · Cited by 310
To Segregate or to Integrate: Education Politics and Democracy
DE LA CROIX, D., & DOEPKE, M. (2009) · Review of Economic Studies · doi:10.1111/j.1467-937x.2008.00529.x · Cited by 135
Metadata
- Authors
- Bernheim, B. D., & Whinston, M. D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- 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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- 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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