Revenue and efficiency in multi-unit uniform-price auctions

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F13%3A00395840" target="_blank" >RIV/67985998:_____/13:00395840 - isvavai.cz</a>

Result on the web

<a href="http://dx.doi.org/10.1016/j.geb.2013.05.007" target="_blank" >http://dx.doi.org/10.1016/j.geb.2013.05.007</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.geb.2013.05.007" target="_blank" >10.1016/j.geb.2013.05.007</a>

Result language

angličtina

Original language name

Revenue and efficiency in multi-unit uniform-price auctions

Original language description

This paper analyzes efficiency in a uniform-price multi-unit auction with a positive reservation price. I demonstrate that the reservation price is an important policy tool that may increase efficiency (or welfare) in multi-unit uniform-price auctions. Ishow that the higher the reservation price is,the higher is the seller?s revenue and the higher is the efficiency of a final allocation of units that could be attained in a multi-unit uniform-price auction. The reservation price increases the bidder?s equilibrium strategy in a specific way that is inherent to the uniform-price auction. Thus the reservation price effect on efficiency is in contrast to other auction formats; e.g., the reservation price decreases efficiency in the Vickrey auction and single-unit auctions with symmetric bidders. Therefore the main result can be added to the list of results from mechanism design and auction theory that fail to extend the single-unit/single-dimensional context to the multi-unit/multi-dimensi

Czech name

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Czech description

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Type

J_x - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

CEP classification

AH - Economics

OECD FORD branch

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Project

<a href="/en/project/GAP402%2F11%2F1531" target="_blank" >GAP402/11/1531: Selected Financial Auction Markets in the Czech Republic and the Impact of the Credit Crunch Crises</a><br>

Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2013

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Games and Economic Behavior

ISSN

0899-8256

e-ISSN

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Volume of the periodical

82

Issue of the periodical within the volume

November

Country of publishing house

US - UNITED STATES

Number of pages

13

Pages from-to

205-217

UT code for WoS article

000338813500013

EID of the result in the Scopus database

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