Collusion enforcement in repeated first‐price auctions
研究了在重复一级价格拍卖中，投标卡特尔如何同时解决获取真实估值信息和执行内部机制的难题，并分析了卖家如何通过保留价打击卡特尔。
In the context of repeated first‐price auctions, we explore how a bid‐rigging cartel can simultaneously overcome the difficulty of soliciting truthful private information about valuations and the difficulty of enforcing its internal mechanism. Focusing on the class of trigger‐strategy collusive agreements, we explicitly characterize the optimal collusive agreement for any given discount factor. Making use of the characterization, we also explore how a long‐run seller can use a reserve price to fight the cartel.