Revenue and Efficiency in Multi-Unit Uniform-Price Auctions
نویسندگان
چکیده
منابع مشابه
Revenue and efficiency in multi-unit uniform-price auctions
Recently both the range and the value of objects sold by auction have grown tremendously. An auction is an exchange mechanism with asymmetric information. Auctions are so popular because when the seller is unsure about the value that bidders assign to the sold objects, one possible way to reveal the bidder who is willing to pay the highest price for the object is to apply an appropriate auction...
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We construct a model of bidding with synergies and solve it for both open outcry and sealed-bid uniform price auctions. The model is simple enough to allow for direct interpretations of the experimental data, while still maintaining the essential behavioral forces involved in auctions with synergies: (1) A demand reduction force resulting from the monopsony power that bidders with multiple-unit...
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We prove that the equilibria of a large interdependent-value, uniform-price auction model where bidders have arbitrary preferences for multiple units can be approximated by a nonatomic exchange economy. We show that the uniform-price auction is approximately efficient with a large number of participants and asymptotically aggregates idiosyncratic bidder information into the market price. More g...
متن کاملAuction Mechanism for Optimally Trading Off Revenue and Efficiency in Multi-unit Auctions
We study auctioning multiple units of the same good to potential buyers with single unit demand (i.e. every buyer wants only one unit of the good). Depending on the objective of the seller, different selling mechanisms are desirable. The Vickrey auction with a truthful reserve price is optimal when the objective is efficiency allocating the units to the parties who values them the most. The Mye...
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As the fiscal agent of the Canadian Federal government, the Bank of Canada uses a sequence of multi-unit, sealed-bid, discriminatory-price auctions to manage excess cash reserves and to sterilize the effects of fiscal operations, thus ensuring that its monetary-policy goals are met. These auctions, which form an important part of the short-term loan market in Canada, provide a unique laboratory...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1448622