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Regular type distributions in mechanism design and #961;-concavity
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Journal Article
Regular type distributions in mechanism design and #961;-concavity
2013
Overview
Some of the best-known results in mechanism design depend critically on Myerson's (Math Oper Res 6:58-73, 1981) regularity condition. For example, the second-price auction with reserve price is revenue maximizing only if the type distribution is regular. This paper offers two main findings. First, a new interpretation of regularity is developed--similar to that of a monotone hazard rate--in terms of being the next to fail. Second, using expanded concepts of concavity, a tight sufficient condition is obtained for a density to define a regular distribution. New examples of regular distributions are identified. Applications are discussed.
Publisher
Springer
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