Sequential vs. single-round uniform-price auctions

• 成果类型: Article
• 署名作者: Mezzetti, Claudio; Pekec, Aleksandar Sasa; Tsetlin, Ilia
• 署名单位: University of Leicester; Duke University; INSEAD Business School
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2007.05.002
• 发表日期: 2008
• 页码: 591-609
• 关键词: Multi-unit auctions; sequential auctions; Uniform-price auction; Affiliated values; Information revelation

摘要

We study sequential and single-round uniform-price auctions with affiliated values. We derive symmetric equilibrium for the auction in which k(1) objects are sold in the first round and k(2) in the second round, with and without revelation of the first-round winning bids. We demonstrate that auctioning objects in sequence generates a lowballing effect that reduces the first-round price. Total revenue is greater in a single-round, uniform auction for k = k(1) + k(2) objects than in a sequential uniform auction with no bid announcement. When the first-round winning bids are announced, we also identify a positive informational effect on the second-round price. Total expected revenue in a sequential uniform auction with winning-bids announcement may be greater or smaller than in a single-round uniform auction, depending on the model's parameters. (c) 2007 Elsevier Inc. All rights reserved.