Auctions in which losers set the price

• 成果类型: Article
• 署名作者: Mezzetti, Claudio; Tsetlin, Ilia
• 署名单位: University of Warwick; INSEAD Business School
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2008.06.006
• 发表日期: 2009
• 页码: 855-864
• 关键词: Auctions; Second-price auction; English auction; kth price auction; Affiliated values; rationing; robust mechanism design

摘要

We Study auctions of a single asset among symmetric bidders with affiliated values. We show that the second-price auction minimizes revenue among all efficient auction mechanisms in which only the winner pays, and the price only depends oil the losers' bids. In particular, we show that the kth price auction generates higher revenue than the second-price auction. for all k > 2. If rationing is allowed, with shares of the asset rationed among the t highest bidders, then the (t + 1)st price auction yields the lowest revenue among all auctions with rationing in which only the winners pay and the unit price only depends oil the losers' bids. Finally, we Compute bidding functions and revenue of the kth price auction, with and without rationing. for an illustrative example much used in the experimental literature to Study first-price, second-price and English auctions. (C) 2008 Elsevier Inc. All rights reserved.