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Sequential Auctions: Theory and Evidence from the Seattle Fur Exchange

We develop a model that incorporates salient features of the Seattle Fur Exchange: identical lots of furs are auctioned sequentially, bids must be raised by specified increments, and the winner of a lot has the privilege of beginning the bidding on the subsequent lot. Predictions of the theory are consistent with the data. Revenue implications of the theory are also explored.
Year of publication:
2006
Authors: Lambson, Val ; Thurston, Norman K
Published in:
RAND Journal of Economics. - The RAND Corporation, ISSN 0741-6261. - Vol. 37.2006, 1, p. 70-80
Publisher: The RAND Corporation
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Type of publication: Article
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Persistent link: https://www.econbiz.de/10005353937
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