Mixed strategies in discriminatory divisible‐good auctions
研究了多单位采购拍卖中随机报价曲线的混合策略纳什均衡，发现随机化可能导致严重的生产效率损失，对理解拍卖设计有参考价值。
We introduce the concept of an offer distribution function to analyze randomized offer curves in multiunit procurement auctions. We characterize mixed‐strategy Nash equilibria for pay‐as‐bid auctions where demand is uncertain and costs are common knowledge, a setting for which pure‐strategy supply function equilibria typically do not exist. We generalize previous results on mixtures over horizontal offers as in Bertrand‐Edgeworth games and also characterize novel mixtures over partly increasing supply functions. We show that the randomization can cause considerable production inefficiencies.