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

<div>Plot shows that allocative efficiency is affected by the increase of the degree of bidder <i>α</i>’s risk aversion.</div>

Discrete Dynamics in Nature and Society

Figure 7: A First-Price Sealed-Bid Asymmetric Auction When Two Bidders Have Respective CRRA and General Utility Functions 