کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5077755 | 1477304 | 2017 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Exposure problem in multi-unit auctions
ترجمه فارسی عنوان
مشکل مواجهه در مزایده های چند واحد
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We characterize the optimal bidding strategies of local and global bidders for two heterogeneous licenses in a multi-unit simultaneous ascending auction (SAA) like the one used in the 2008 Canadian Advanced Wireless Spectrum license auction. The global bidder wants to win both licenses to enjoy synergies; therefore, she bids more than her stand-alone valuation of a license. This exposes her to the risk of losing money even when she wins all licenses. We determine the optimal bidding strategies in the presence of an exposure problem. By using simulation methods, first, we show that the probability of inefficient allocations in the simultaneous ascending auction can be up to 9Â percent. Second, we show that the global bidder can end up with a loss with 6Â percent probability depending on the distribution. We also investigate the relation between inefficient allocation and the revenue of SAA and VCG auctions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Industrial Organization - Volume 52, May 2017, Pages 165-187
Journal: International Journal of Industrial Organization - Volume 52, May 2017, Pages 165-187
نویسندگان
Xin Meng, Hikmet Gunay,