Istanbul flower auction: The need for speed
成果类型：
Article
署名作者：
Hafalir, Isa; Kesten, Onur; Luo, Donglai; Sherstyuk, Katerina; Tao, Cong
署名单位：
University of Technology Sydney; University of Sydney; University of Hawaii System; University of Hawaii Manoa; Zhejiang University of Finance & Economics
刊物名称：
GAMES AND ECONOMIC BEHAVIOR
ISSN/ISSBN：
0899-8256
DOI：
10.1016/j.geb.2026.02.013
发表日期：
2026
关键词：
摘要：
We examine a unique auction format used in the Istanbul flower market, which could transform into either Dutch or English auction depending on bidders' bidding behaviors. By introducing a time cost that reduces the value of a perishable good as time passes, we explore how this hybrid auction format accommodates the desire for speed via an adaptive starting price. We show that the Istanbul Flower Auction outperforms both the Dutch and English auctions in terms of the auctioneer's utility. With numerical analysis, we also illustrate the Istanbul Flower Auction's superiority in terms of social welfare and auction duration. Our results highlight the critical role of auction design in improving welfare when the duration of the auction process matters.