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Author : Richard Engelbrecht-Wiggans
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (535 download)
Download or read book Multi-unit Auctions with Uniform Prices written by Richard Engelbrecht-Wiggans and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michal Břeský
Publisher :
ISBN 13 : 9788073441746
Total Pages : 39 pages
Book Rating : 4.4/5 (417 download)
Download or read book Revenue and Efficiency in Multi-unit Uniform-price Auctions written by Michal Břeský and published by . This book was released on 2009 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Engelbrecht-Wiggans
Publisher :
ISBN 13 :
Total Pages : 5 pages
Book Rating : 4.:/5 (246 download)
Download or read book An Example of Multi-unit Auctions with Atypically Many Equilibria written by Richard Engelbrecht-Wiggans and published by . This book was released on 1999 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Engelbrecht-Wiggans
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (535 download)
Download or read book Multi-unit Auctions in which Almost Every Bid Wins written by Richard Engelbrecht-Wiggans and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Edward J. Anderson
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Multi-unit Auctions with Uncertain Supply and Single-unit Demand written by Edward J. Anderson and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study multi-unit auctions where bidders have single-unit demand and asymmetric information. For symmetric equilibria, we identify circumstances where uniform-pricing is better for the auctioneer than pay-as-bid pricing, and where transparency improves the revenue of the auctioneer. An issue with the uniform-price auction is that seemingly collusive equilibria can exist. We show that such outcomes are less likely if the traded volume of the auctioneer is uncertain. But if bidders are asymmetric ex-ante, then both a price áoor and a price cap are normally needed to get a unique equilibrium, which is well behaved.
Author : Yvan Lengwiler
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Multiple Unit Auction with Variable Suppy written by Yvan Lengwiler and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of multiple unit auctions traditionally assumes that the offered quantity is fixed. I argue that this assumption is not appropriate for many applications because the seller may be able and willing to adjust the supply to the bidding. In this paper I address this shortcoming by analyzing a multi-unit auction game between a monopolistic seller who can produce arbitrary quantities at constant unit cost, and oligopolistic bidders. I establish the existence of a subgame-perfect equilibrium for price discriminating and for uniform price auctions. I also show that bidders have an incentive to misreport their true demand in both auction formats, but they do that in different ways and for different reasons. Furthermore, both auction formats are inefficient, but there is no unambiguous ordering among them. Finally, the more competitive the bidders are, the more likely the seller is to prefer uniform pricing over price discrimination, yet increased competition among bidders may or may not enhance efficiency.
Author : Brian Baisa
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (13 download)
Download or read book Large Multi-Unit Auctions with a Large Bidder written by Brian Baisa and published by . This book was released on 2017 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare equilibrium bidding in uniform-price and discriminatory auctions when a single large bidder (i.e., with multi-unit demand) competes against many small bidders, each with single-unit demands. We show that the large bidder prefers the discriminatory auction over the uniform-price auction, and we provide general conditions under which small bidders have the reverse preference. We also show that the discriminatory auction provides greater incentives for the large bidder to invest in increased capacity, while the uniform-price auction provides greater incentives for small bidders to enter the auction. We use examples to show that the efficiency and revenue rankings of the two auctions are ambiguous.
Author : Jinsoo Bae (Ph. D. in economics)
Publisher :
ISBN 13 :
Total Pages : 114 pages
Book Rating : 4.:/5 (123 download)
Download or read book Essays on Multi-unit Auctions written by Jinsoo Bae (Ph. D. in economics) and published by . This book was released on 2020 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 3 studies a pro-competitive effect of joint bidding in multi-unit uniform price auctions where bidders have private values and demand different quantities of units. I analyze a simple model with three identical items for sale, two small bidders each demanding a single unit, and a big bidder demanding two units. I show that joint bidding of the two small bidders, which recovers the symmetry of bidders, enhances competition among the bidders and increases efficiency and revenue of the auction.
Author : Paul Milgrom
Publisher : Cambridge University Press
ISBN 13 : 1139449168
Total Pages : 378 pages
Book Rating : 4.1/5 (394 download)
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Author : R. Mark Isaac
Publisher :
ISBN 13 : 9781559386074
Total Pages : 310 pages
Book Rating : 4.3/5 (86 download)
Download or read book Research in Experimental Economics written by R. Mark Isaac and published by . This book was released on 1996 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David McAdams
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (531 download)
Download or read book Monotone Equilibrium in Multi-unit Auctions written by David McAdams and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a large class of multi-unit auctions of identical objects that includes the uniform-price, as-bid (or discriminatory), and Vickrey auctions, a Bayesian Nash equilibrium exists in monotone pure strategies whenever there is a finite price / quantity grid and each bidder's interim expected payoff function satisfies single-crossing in own bid and type. A stronger condition, non-decreasing differences in own bid and type, is satisfied in this class of auctions given (a) independent types and (b) risk-neutral bidders with marginal values that are (c) nondecreasing in own type and have (d) non-increasing differences in own type and others' quantities. A key observation behind this analysis is that each bidder's valuation for what he wins is always modular in own bid in any multi-unit auction in which the allocation is determined by market-clearing. This paper also provides the first proof of pure strategy equilibrium existence in the uniform-price auction when bidders have multi-unit demand and values that are not private. Keywords: Autions, Multi-unit Auctions, Uniform-price Auction, Vickrey Auctions Bidders, Bayesian Nash Equilibrium.
Author : Dirk Engelmann
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Bidding Behavior in Multi-unit Auctions written by Dirk Engelmann and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present laboratory experiments of five different multi-unit auction mechanisms. Two units of a homogeneous object were auctioned off among two bidders with at demand for two units. We test whether expected demand reduction occurs in open and sealed-bid uniform-price auctions. Revenue equivalence is tested for these auctions as well as for the Ausubel, the Vickrey and the discriminatory sealed-bid auction. Furthermore, we compare the five mechanisms with respect to the efficient allocation of the units. We also provide some theoretical insights concerning the equilibria of uniform-price auctions with incomplete information.
Author : Paul Klemperer
Publisher : Princeton University Press
ISBN 13 : 0691186294
Total Pages : 263 pages
Book Rating : 4.6/5 (911 download)
Download or read book Auctions written by Paul Klemperer and published by Princeton University Press. This book was released on 2018-06-05 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
Author : Paul Robert Milgrom
Publisher : Cambridge University Press
ISBN 13 : 9780521536721
Total Pages : 396 pages
Book Rating : 4.5/5 (367 download)
Download or read book Putting Auction Theory to Work written by Paul Robert Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Author : Richard Engelbrecht-Wiggans
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Demand Reduction in Multi-Unit Auctions with Varying Numbers of Bidders written by Richard Engelbrecht-Wiggans and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent auction theory and experimental results document strategic demand reduction by bidders in uniform-price auctions. The present article extends this area of research to consider the effects of varying the number of bidders. Our theoretical model predicts that demand reduction should decrease with an increase in the number of bidders. Considerable demand reduction remains even in the asymptotic limit, although truthful bidding yields profits very close to those of equilibrium play. We experimentally confirm several of our predictions by examining bidding behavior of subjects in an actual marketplace, auctioning dozens of sportscards using both uniform-price and Vickrey auction formats.
Author : Yvan Lengwiler
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.E/5 ( download)
Download or read book The Multiple Unit Auction with Variable Supply written by Yvan Lengwiler and published by . This book was released on 1998 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maarten Christiaan Wilhelmus Janssen
Publisher : Cambridge University Press
ISBN 13 : 9780521537575
Total Pages : 340 pages
Book Rating : 4.5/5 (375 download)
Download or read book Auctioning Public Assets written by Maarten Christiaan Wilhelmus Janssen and published by Cambridge University Press. This book was released on 2004 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many countries all over the world, governments are privatising firms that were previously under public control. This is happening, for example, in public utility sectors such as gas, water and electricity, in transport sectors (such as rail and metro) and in radio and telephony. This book provides an overview of the economic issues that are involved in this transfer of ownership of public assets. Combining a theoretical framework with a set of case studies of recent sales of state-owned assets from Europe and the USA, it asks which sort of allocation mechanism can a government adopt? Which is most suited to a particular sale? And how will the choice of allocation mechanism affect future market outcomes? With contributions from international experts, this book offers an accessible introduction to auction theory and an invaluable, non-technical analysis of existing knowledge. It will be of interest to students, non-specialists and policy-makers alike.
