Multiplicity of Bidding Strategies in Reverse Auctions∗
نویسنده
چکیده
We study a reverse auction in which a buyer procures a single unit of good or service (such as a contract) from one of many competing sellers through auctions. Sellers have independent and identically distributed costs. Under certain conditions, we show the multiplicity of the symmetric equilibrium bidding strategies in the first-price reverse auction, contrasting with the well-known uniqueness result in the first-price forward auction. The multiplicity of bidding strategies is associated with the risk of very large costs.
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تاریخ انتشار 2003