中山大学岭南学术论坛分经济、金融和管理三个系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。

第596期岭南学术论坛

报告题目

Security-bid Auctions with Information Acquisition

报告人

李昱楠

香港城市大学助理教授

主持人

徐欣毅

中山大学岭南学院助理教授

摘 要

We study security-bid auctions in which bidders compete for an asset by bidding with securities whose payments are contingent on the asset’s realized value and can covertly acquire information at some cost before participating in an auction. We first consider auctions with ordered securities in which the seller restricts the security design to an ordered set and uses a first- or second-price auction. We show that steeper securities give agents lower marginal returns to information and may yield lower revenues. We then study linear mechanisms in which payments linearly depend on the asset's realized value. We show that the revenue-maximizing linear mechanism assigns the asset efficiently. The winner pays in cash if their expected values are above a threshold and pays in stock if their expected values are below the threshold. The threshold decreases as the marginal cost of acquiring additional information increases. This result implies that stock payments are associated with lower merge synergies and lower information acquisition costs. We empirically test the implications and find consistent results.

报告人介绍

李 昱 楠

香港城市大学助理教授，2017年于美国宾夕法尼亚大学（University of Pennsylvania）获得经济学博士学位。从事理论微观经济学的相关研究，主要包括机制设计，拍卖理论，契约理论，以及信息经济学。其学术成果发表于(含forthcoming): Theoretical Economics,Journal of Economic Theory, Games and Economic Behavior，International Economic Review等经济学顶级期刊。担任Econometrica, Theoretical Economics, Journal of Economic Theory, International Economic Review, Games and Economic Behavior, Economic Theory, Operations Research, European Economic Review, International Journal of Game Theory, Journal of Industrial Economics等国际知名期刊匿名审稿人。

主持人介绍

徐 欣 毅

中山大学岭南学院经济系助理教授，香港中文大学经济学博士。从事理论微观经济学的相关研究，包括机制设计，拍卖理论，契约理论。主持1项国家自然科学基金项目。

时 间

2021年12月10日（周五）

14:30-17:30

地 点

MBA楼902

语 言

中文+英文

腾讯会议ID

930-211-550

会议密码：211210

腾讯会议链接

https://meeting.tencent.com/dm/p8vcQRZtpPxg

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