Auctions with Downstream Interaction among Buyers
研究拍卖结果如何影响买家后续互动，分析正负影响下的均衡、保留价和入场费对卖方收益及社会福利的作用，适用于专利拍卖和收购竞标场景。
We study an auction whose outcome influences the future interaction among agents. The impact of that interaction on agent i is assumed to be a function of all agents' types (which are private information at the time of the auction). Explicit illustrations treat auctions of patents and takeover contests. We derive equilibria for second-price, sealed-bid auctions in which the seller sometimes keeps the object, and we point out the various effects caused by positive and negative impacts. We also study the effect of reserve prices and entry fees on the seller's revenue and on welfare.