A First-Price Sealed-Bid Asymmetric Auction When Two Bidders Have Respective CRRA and General Utility Functions

<div>Plot of the optimal strategic markups <i>b</i><sub><i>α</i></sub> and <i>b</i><sub><i>β</i></sub> increase with the degree of bidder <i>α</i>’s risk aversion.</div>

Discrete Dynamics in Nature and Society

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Figure 4

Figure 4: A First-Price Sealed-Bid Asymmetric Auction When Two Bidders Have Respective CRRA and General Utility Functions 