کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5078642 | 1477353 | 2009 | 6 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The chopstick auction: A study of the exposure problem in multi-unit auctions
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Multi-unit auctions are sometimes plagued by the so-called exposure problem. In this paper, we analyze a simple game called the “chopstick auction” in which bidders are confronted with the exposure problem. We do so both in theory and in a laboratory experiment. In theory, the chopstick auction has an efficient equilibrium and is revenue equivalent with the second-price sealed-bid auction in which the exposure problem is not present. In the experiment, however, we find that the chopstick auction is less efficient than the second-price sealed-bid auction and that it yields more [the same] revenue if bidders are inexperienced [experienced].
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Industrial Organization - Volume 27, Issue 2, March 2009, Pages 286-291
Journal: International Journal of Industrial Organization - Volume 27, Issue 2, March 2009, Pages 286-291
نویسندگان
Florian Englmaier, Pablo Guillén, Loreto Llorente, Sander Onderstal, Rupert Sausgruber,